Regulator Forecasts Drop In Autumn Energy Prices
At the latest briefing for Northern Ireland energy users the Electricity Regulator forecast a drop in energy prices this autumn. He predicted a 5% reduction in regulated transmission charges for electricity from 1st October 2010, together with a forecast 7.5% reduction in regulated wholesale energy costs. Members should remember that this is only a forecast which is subject to confirmation when tariffs for the forthcoming year are published at the beginning of August. We will of course keep members informed when firm information comes to hand.
A copy of the Regulator’s briefing can be downloaded at http://www.uregni.gov.uk/uploads/publications/28610_tariff_briefing_presentation.pdf
NIM Chief Executive, Bryan Gray said: “NI Manufacturing welcomes the Regulators forecast of a 5% reduction in regulated transmission charges for electricity from 1st October 2010, which taken together with a forecast 7.5% reduction in regulated wholesale energy costs will help to offset the major increases imposed on manufacturers last October. We look forward to these figures being confirmed when new tariffs are published at the beginning of August. While manufacturers welcome any reduction in costs which will help companies here recover from the recession, we do have some concerns about proposed revisions to the Transmission Loss Adjustment Factor system, which when taken together with new power stations in Co. Cork coming on-line may add additional costs to tariffs. We have raised these concerns with both the NI Electricity Regulator and the Single Energy Market Committee.”