Firmus Energy announces 56.3% price hike
It means the average domestic gas bill will increase by £847 per year from October 2022
Firmus Energy has today (Tuesday) announced a 56.3% increase to its regulated tariff for domestic and small business customers in the Ten Towns and Greater Belfast areas.
It means the average domestic gas bill will increase by £847 per year from 3 October 2022.
The change in tariffs will mean an extra £15.50 per week on to the average household bill for the Ten Towns Network area and £16.22 per week for the Greater Belfast area.
It is the largest in a series of energy price rises announced by companies in Northern Ireland in recent months.
Commenting on the announcement, John French, Chief Executive of the Utility Regulator said: “In August, following significant and volatile movements in the cost of wholesale gas on international markets, Firmus Energy requested a review of their regulated gas tariff.
"We have now finalised this review, and in consultation with both the Department for the Economy and the Consumer Council for Northern Ireland, we have concluded that an increase of 56.3% or £847 per year, on the cost of an annual bill, is unfortunately needed.
According to Mr French today's annoucnement will mean that the combined regulated electricity and gas bill in Ten Towns area will be £3,150 a year from 3 October 2022.
This compares to the price cap in Great Britain, where the combined electricity and gas bill for the average household will be £3,549 a year from 1 October 2022.
He added: “Russia has choked off major supplies of gas and oil into Europe. "The effect of this has caused the prices to sky rocket and for the energy markets to become increasingly volatile. "We are working with the UK Government and Northern Ireland Government to ensure that the £400 Energy Bill Support Scheme payment is made as soon as possible.
“However, it is clear that further government intervention will be needed to help consumers deal with this cost-of-living crisis, as the underlying global wholesale energy markets are currently unable to provide prices that consumers can afford.
Commenting on the price increase Niall Martindale, Chief Executive of firmus energy, said:
“Increases in wholesale gas commodity costs continue to impact the market and regrettably, we have no choice but to reflect these increases in our tariffs.
“The ongoing war in Ukraine and Russian disruption to the supply of natural gas in Europe is having a significant and adverse impact on energy costs, affecting all suppliers here in Northern Ireland, as well as nationally and internationally.
“We know this is not welcome news. Tariffs are set as a direct consequence of wholesale prices on the global market, and we have no option but to reflect the cost of this gas within our tariffs. We remain committed to reducing tariffs as soon as the market crisis subsides and enables us to do so.
“We know this is a very difficult time for many households and businesses and we urge any of our customers who need further support to call our dedicated local team to discuss ways in which we can help.”
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