Power NI has announced it is cutting electricity prices for homes and small businesses by 9.2%.

The company said the cut would mean the average household would save £50 a year while small businesses could see savings of up to £200 a year.

Power NI was able to introduce the price reduction – which will come into effect in April – due to a fall in wholesale gas prices in recent months, it added.

The company supplies energy to around 70% homes and businesses across Northern Ireland.

Stephen McCully, Managing Director at Power NI said: “We promised that we would always look for ways to reduce prices and save our customers money. I’m happy to say that we can now deliver lower prices. This means more money in the pockets of householders and with business and farms also seeing a similar price reduction, it’s good news all round.”

Earlier this year the Big Six energy companies announced gas price cuts for householders.