SSE Airtricity has announced a 7% reduction in its standard electricity unit rates, resulting in a yearly reduction of about £89 for customers. This price cut is aimed at alleviating the financial burden on customers due to rising global wholesale energy costs. The typical customer is expected to save approximately £89.37 annually.
The company emphasized its commitment to supporting customers throughout the cost-of-living crisis by passing on these savings. It has also collaborated with government departments and communities to provide direct support to those in need, establishing a customer support fund and contributing to charitable initiatives addressing fuel poverty and social equality.
The timing of this announcement aligns with an ongoing review of energy prices by Northern Ireland's Utility Regulator, which may further reduce energy costs later this month. The Utility Regulator oversees the regulation of various utility industries, including electricity, gas, water, and sewerage in Northern Ireland.
Klair Neenan, managing director of SSE Airtricity, expressed the hope that this reduction in electricity rates would be a welcome relief for customers, especially as winter approaches. The company has been actively working to shield customers from the impact of soaring wholesale energy costs and is fulfilling its promise to pass on savings to customers at the earliest opportunity.
Consumer advocate Aodhan O’Donnell acknowledged the positive step towards lower energy costs, particularly as the colder months increase energy usage at home. However, he emphasized that despite this decrease, prices remain significantly higher compared to previous years due to substantial price increases in recent times. He also highlighted that energy prices are notably higher than in previous years, even with this reduction.
The reduction in electricity rates coincides with the distribution of a £300 cost-of-living payment to millions of people across the UK, providing some financial relief during challenging times. This payment is the second of three instalments, totaling £900, and is scheduled to be disbursed between October 31 and November 19.
