To ask the Minister for the Economy (i) for his assessment of gas and electricity prices rises; and (ii) what steps are being taken to reduce the resulting financial burden on 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 supply chain challenges have raised the price in both wholesale and retail gas markets. This has also resulted in an 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 also less than the standard tariff in ROI.

My Department continues to work with the Utility Regulator to ensure customers benefit from the regulated tariff regime for electricity and gas in Northern Ireland that provides a competitive ‘price to beat’.

In addition, the Consumer Council has a free independent energy price tool which empowers consumers to compare all electricity and gas tariffs across Northern Ireland in one place. Their website 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.

My Department is preparing to publish a new energy strategy in the coming months. One of the key objectives of the new strategy will be to ensure that all households and businesses have access to essential and affordable energy to enable a decent standard of living, health and competitiveness. The Department for Communities has lead responsibility for fuel poverty. My Department assists in tackling fuel poverty through setting energy efficiency policy that supports the reduction in household energy use and as a consequence household energy bills.

The Utility Regulator briefed the Department for Communities in advance of the recent price announcements and my officials have maintained a constant dialogue with colleagues in DfC to make them aware of the potential consequences of these rises, especially on the most vulnerable.