To ask the Minister for the Economy (i) for his assessment of energy price rises; and (ii) how a rise in price of energy influences his Department’s Energy Strategy.

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 and the Consumer Council to ensure consumers are protected as much as possible through the regulated tariff regime for electricity and gas in Northern Ireland. The Consumer Council also has a free independent energy price comparison tool which empowers consumers to compare all electricity and gas tariffs across Northern Ireland in one place.

One of the key objectives of my Department’s New Energy Strategy will be to ensure all consumers have access to affordable energy. We plan to achieve this vision by enabling consumers to be active participants in the energy market and by further protecting those who are unable or unwilling to participate actively.