Power NI price cuts ‘far too little, far too late’, say small businesses

Today’s announcement by Power NI that they are to cut electricity prices by less than 5 percent will bring no comfort to the vast number of small businesses who have watched as world oil prices have more than halved and gas customers have had their bills slashed, according to Roger Pollen, Head of External Affairs at the Federation of Small Businesses.
By Business reporter
Published 11th May 2020, 20:57 BST
Roger Pollen, Head of External Affairs at the Federation of Small BusinessesRoger Pollen, Head of External Affairs at the Federation of Small Businesses
Roger Pollen, Head of External Affairs at the Federation of Small Businesses

Commenting on the announcement he said: “This long-awaited announcement is deeply disappointing on a number of measures.

“The price cut is less than 5%, despite the wholesale price of oil having fallen by more than ten times that amount in the past year. The reduction is also not going to take effect until the month after next, meaning that higher prices will have persisted throughout the very worst of the economic lockdown; and this announcement is for domestic customers only, with no guarantee that there will be a reduction for business customers.

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“Given that the gas companies slashed their prices to consumers by four times this amount, over two months ago, there will be many who look at this cut as being far too little, far too late.

“FSB will be looking to Power NI’s competitors to be much more ambitious when they consider how best to respond and would urge all SMEs to use the Consumer Council’s price comparison website to review their power suppliers and shop around to ensure they are getting the best deals out there.”

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Related topics:Power NISMEsNorthern Ireland