Energy prices in Northern Ireland look stable as Ofgem enforces a dip in cost across Great Britain

​​Whilst energy prices in Great Britain have taken a sharp downturn this week, the indications are that prices in Northern Ireland look more-or-less stable – albeit at a relatively high level.
By Adam Kula
Published 1st Apr 2024, 17:39 BST
Updated 1st Apr 2024, 17:57 BST
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On Monday Ofgem – the body which regulates the energy industry in England, Scotland and Wales – announced it was effectively lowering the price of gas and electricity for GB households.

This move took the average household energy bill there to its lowest point in two years.

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It did this by lowering its "energy cap" – the maximum amount which companies can charge per unit of energy.

The most recent chart from the NI Consumer Council showing the changes in price of gas, electricity and oil (all of which are unaffected by Ofgem's announcement today). This chart does not show ACTUAL prices in pounds and pence.Instead here is how the Consumer Council describes it: "A price index is a number that shows the extent to which a price has changed from a base over a given period. The base period is set at 100 and changes in price are shown relative to that number, i.e., above or below 100 for an increase or decrease respectively. The base period for the Home Energy Index is January 2016."The most recent chart from the NI Consumer Council showing the changes in price of gas, electricity and oil (all of which are unaffected by Ofgem's announcement today). This chart does not show ACTUAL prices in pounds and pence.Instead here is how the Consumer Council describes it: "A price index is a number that shows the extent to which a price has changed from a base over a given period. The base period is set at 100 and changes in price are shown relative to that number, i.e., above or below 100 for an increase or decrease respectively. The base period for the Home Energy Index is January 2016."
The most recent chart from the NI Consumer Council showing the changes in price of gas, electricity and oil (all of which are unaffected by Ofgem's announcement today). This chart does not show ACTUAL prices in pounds and pence.Instead here is how the Consumer Council describes it: "A price index is a number that shows the extent to which a price has changed from a base over a given period. The base period is set at 100 and changes in price are shown relative to that number, i.e., above or below 100 for an increase or decrease respectively. The base period for the Home Energy Index is January 2016."

This means "the price of energy for a typical household that uses gas and electricity and pays by Direct Debit will go down by £238", it said.

But Ofgem does not cover Northern Ireland, so its cut does not apply here.

What the available figures for Northern Ireland do show is that prices in electricity, gas, and home heating oil all peaked in autumn 2022, plunged into a deep trough, then rebounded – but have flattened off over the last several months.

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Gas and electricity prices have been more-or-less steady since summer 2023, whilst the price of home heating oil has been on a general downward trajectory since October.

Consumer Council chart showing average price per litre of fuels in Northern IrelandConsumer Council chart showing average price per litre of fuels in Northern Ireland
Consumer Council chart showing average price per litre of fuels in Northern Ireland

They are all still significantly higher than mid-2020, when the huge spike in price began taking effect.

Home heating oil is by far the most volatile of these three energy sources.

At its peak, the price for 300 litres of it in Northern Ireland was about £409. That was back in March 2022.

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The latest price for a 300 litre consignment is just under £210, with the cost having fallen gently over the past few months.

The picture is much the same for vehicle fuel.

In Northern Ireland, the Consumer Council said that petrol and diesel costs peaked during July 2022 (at 189.9p per litre and 197.5p per litre, respectively).

Since then it has come down in fits and starts, and has been steady since the end of winter (with the cost of a litre of diesel now standing at 148p, and petrol now standing at 140p).

Rather than Ofgem, NI’s energy market is regulated by a body simply called The Utility Regulator. Neither it nor the Consumer Council could be reached yesterday.

Related topics:Northern IrelandEnergy PricesOfgemGreat BritainWalesScotlandEngland