Budget Energy to cut its NI electricity prices by 9% from 1 March

Budget Energy, which has about 80,000 customers across NI, says the move is due to further reductions in energy wholesale costs

Budget Energy is cutting its electricity prices by 9% for customers in Northern Ireland.

The latest price reduction by the company will come into effect on 1 March.

Budget Energy, which has about 80,000 customers across NI, says the move is as a a result of further reductions in energy wholesale costs.

The reduced rate will apply to both prepay and bill-pay customers.

It will mean a saving of around £110 a year.

Budget Energy's general manager, Sean O'Loughlin, said the move comes amid "a calming" of the market.

"While wholesale energy markets can be unpredictable, we have continued to see a calming of this market and it has allowed us to pass on further savings to our customers," he said.

"Customers should continually consider ways in which to reduce usage and increase their energy efficiency where possible - ensuring every light is switched off, door or window insulated or phone charger unplugged.

"These all make a difference. "

The reduced rate will mean a saving of around £110 a year

Mr O'Loughlin said it was "another step in the right direction", but added: "If there are customers having difficulty in meeting their energy payments, it's important that they contact our customer services team, who are available and ready to help."

'Prices higher than pre-pandemic'

That was echoed by Raymond Gormley, head of energy policy at the Consumer Council.

"This price decrease is a step in the right direction given the cost-of-living pressures many households in Northern Ireland continue to experience," he said.

"However, while this announcement will mean a second reduction for Budget Energy customers in three months, electricity prices remain significantly higher than the pre-pandemic norm.

"Now that there is some change in electricity prices, we encourage consumers to use our free online energy price comparison tool to check that they are on the best deal, or if they could save money by switching supplier, billing method or tariff."

• Five tips for cutting energy costs this winter

In December, Budget Energy cut electricity prices by 8% for its customers in Northern Ireland.

It followed a similar move by SSE Airtricity in November.

Many low-income households in Northern Ireland received £300 from the government between 31 October and 19 November last year.

It was the second of three payments for 2023-24. The third instalment of £299 is due this spring.

At the time of the last price review in June 2023, tariffs were cut but consumer bills actually increased because of the government's Energy Price Guarantee (EPG).

The EPG required suppliers to apply a discount to the price of each unit of gas or electricity, to protect consumers from soaring prices after Russia's invasion of Ukraine.