Power NI announces 14% reduction in electricity prices

Power NI has announced a 14% cut in electricity prices for Northern Ireland customers.

The reduction becomes effective in October 2012.

The company says the price cut will shave £80 a year off a typical household's electricity bill.

NIE Energy was renamed Power NI in 2011.

Stephen McCully, Managing Director of Power NI said the move had been made possible by "lower world fuel costs and savings from our increased efficiencies."

The price reduction covers both domestic and small business customers, and was welcomed by the Chief Executive of the Northern Ireland Independent Retail Trade Association, Glyn Roberts.

"This reduction is very timely given the trend in recent years of ever-rising energy costs on small businesses," he commented.