Jim Shannon, DUP MP for Strangford, has welcomed the decision made by the CC (part of the Competition and Markets Authority) to cap profits of NIE.
He said: “The regulated network company’s decision last year to reject the price settlement offered by the Utility Regulator for Northern Ireland (UR) did not work out in favour of NIE and the CC cut the amount of revenue NIE is allowed to raise by 6.42 per cent compared to the UR’s final determination. That will result in a £10 cut to the average annual household bill by the end of the four-year price control in September 2017.
“NIE must also refund customers for the higher charges levied while the CC made its assessment, as the previous price control was extended.
“I recently raised this issue at Westminster stating that there must be more competitive pricing in Northern Ireland and I am delighted that this decision has been reached which will not simply see no more rises, but will actually see a drop in prices which can only be good news for people throughout the Province.
“I have also spoken in Westminster about a pilot scheme for fuel prices which would hope to see fuel prices become more affordable and this is something that the DUP would continue to work hard to achieve at every level.”
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