Northern Ireland Electricity puts prices up again!!

So today I get home to find a letter from Northern Ireland Electricity announcing that at the end of the month,they are putting up the prices by ANOTHER 33.3%!!!!!!!That will ADD an average of £3.81 A WEEK to a normal electricity bill! That's nearly £16.00 a :rant: MONTH EXTRA!! And as it's coming into winter,that's gonna be around £70 a month on electric & heating (economy 7)
So that's a 47% increase in my electricity bill in the past 2 months!!!

Electricity Price Rise - Result of Rising Fuel Costs

Record wholesale fuel costs, which have increased by on average over 100% within the last year[1], will require NIE Energy to increase electricity prices by 33.3% from 1st October (2008).

Following this increase, an average[2] customer bill will be £2.81 more per week, making the average annual household electricity bill £585. NIE Energy’s household electricity prices are comparable[3] with ESB domestic tariffs in the RoI, with a further price increase expected in the RoI to be effective from January 2009.

Economy 7, which is used for heating in about 4% of homes, will also increase by 33.3%, an extra £4.58 per week[4], and will remain on a par with the two main home heating fuels in Northern Ireland: oil and gas[5].

This pricing announcement has been approved by the Northern Ireland Authority for Utility Regulation following a rigorous review process and has also been the subject of consultation with the Consumer Council.

At the time of the company’s last pricing announcement of a 14% increase effective 1st July, it was indicated that a further significant electricity price increase was likely this autumn as fuel costs continued to remain high.

NIE Energy Managing Director, Stephen McCully, said:

“The costs of wholesale fuel, used in electricity generation, have increased by on average over 100% within the last year. This has led directly to this increase in our electricity prices.

“NIE Energy regrets having to pass such a sizeable increase on to customers, but the sustained very high power purchase costs have left us with no alternative.

“NIE Energy buys most of its electricity in advance to give price stability and insulate customers as much as possible from further increases in wholesale fuel costs. However, when high prices persist we have no option but to pass these costs to customers.

“This increase is driven by the extra generation costs for the year ahead, and does not increase the profit of NIE Energy.

“I would like to assure our customers that if NIE Energy is able to secure the purchase of lower cost power during 2009, this will be passed on to customers in the autumn 2009 price review.

“This is a tough economic climate and we are concerned about the impact of this increase on our customers, particularly those on lower incomes. If you are worried about paying for electricity, please contact us. There is help available for those who need it most.

“We have practical energy saving schemes available such as free upgrading of central heating systems with free household insulation. We would also encourage more of our customers to take advantage of one of our discounted payment schemes such as Keypad or direct debit, to help offset increasing energy costs and to this end, the maximum amount of direct debit discount has been increased to £40 per year.”

The same world fuel price increase pressures have also led to price increases in home heating oil, up by 69% in the last year[5].
Bunch of thieving,money grabbing barstewards!!
The joys of capitalism Spike. It friggin stinks alright tho. Don't seem to be much good news these days with regards to fuel and energy pricing. Less so here than elsewhere in the UK, where nominally at least customers have the choice of more than one provider. With our "neighbour" now officially in recession the immediate future of the economy here doesn't look too rosey either. But on the bright side, it puts the notion of a united Ireland back another few years at least :wink:

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