To ask the Minister for the Economy to detail the reasons behind the energy price rises of the previous year and steps she is taking to ensure affordable energy for consumers.

The primary factor for recent energy price increases in Northern Ireland has been the rising cost of gas in wholesale markets. Increasing global demand for gas and challenges in supply chains have raised the price in both wholesale and retail gas markets. This has also resulted in increased cost of electricity generation with associated impacts in the retail electricity market.

Despite the current upward pressure on global energy prices, Northern Ireland remains one of the cheapest places to buy electricity for both domestic and business consumers. Typical domestic credit bills for gas customers are less than both the GB average and the standard tariff in Ireland. My Department continues to work with the Utility Regulator to ensure consumers benefit from the regulated tariff regime for electricity and gas in Northern Ireland which provides a competitive ‘price to beat’.

The Consumer Council has a free independent energy price comparison tool which empowers consumers to compare all electricity and gas tariffs across Northern Ireland in one place. Their website also has a number of free resources including help for consumers to be more energy efficient at home, get the best from their electricity or gas supply and save money.