Electricity price must drop following review of 33.3% price hike - Sinn Féin
Sinn Fein MLA and Deputy Chair of the Committee for Enterprise, Trade and Investment, Jennifer McCann has called on the Utility Regulator to lower electricity prices immediately following the outcome of today's review into the recent severe price hikes.
Speaking today Ms McCann said:
"This review was carried out following the concerns raised over the 33.3 percent rise in electricity prices several months ago. The review clearly states that we are paying too much for our electricity.
"It goes on to say that fuel poverty cannot be tackled through the current structure of the electricity market, and that the prices are higher here because of the way electricity is bought by suppliers and through the lack of contracts between suppliers and generators.
"It is clear that there needs to be fundamental changes to the overall energy policy if we are to keep prices low and tackle fuel poverty. The way in which the current market mechanisms operate will keep prices high for the customer.
I believe this review gives us the opportunity to examine all areas including the development of the single electricity market based on an all island approach, investment in renewables, and how the procurement and generation of electricity is secured.
However what is crucial is that electricity customers begin to feel the benefits of the current fall in wholesale gas and oil prices. In light of this report I am now calling on the Regulator to ensure electricity prices come down with immediate effect."