Budget Energy has today announced an 27% increase to its residential electricity unit prices in Northern Ireland.
The price change is due to unprecedented and sustained increase in wholesale gas prices and the associated increases in wholesale electricity costs.
With effect from May 27 2022, there will be a 27% increase in unit rate charges for residential electricity.
However there will be no increase in standing charges and customers on fixed rate tariffs are not affected.
Paul Kenny, general manager, Budget Energy, said: “While we have worked hard to minimise and delay price changes during the winter months, we now regrettably need to reflect the increased costs in our prices.
“The escalating conflict in the Ukraine is making the European gas supply situation even more challenging than ever before, leading to increasing costs and supply uncertainty, and directly leading to increased electricity generation costs.”
Budget Energy is contacting customers directly to advise of the change and give advice and support on how to reduce their costs into the future.
Budget Energy customers are encouraged to visit their website where they can review information on energy efficiency, the financial supports available for energy-saving measures and other useful information.
The company will be launching a range of Smart home energy controls, available at discounted rates, as well as Solar PV and battery storage solutions in the coming months.
Paul added: “We sincerely regret the increase in our prices, we are keenly aware of the impact being felt by households across the country, and our Customer Service teams will be supporting affected customers as much as possible.
“But, as an energy supplier, it is now critical that we help and support our customers to make changes to their use of energy to reduce their bills and support a greener, more sustainable future.”
Budget Energy Customer Services can be contacted on 0800 012 1177 or on budgetenergy.co.uk.