Energy company Power NI has announced it will be increasing domestic electricity prices by 5.6% from October.
The price hike, which is the supplier’s first in four years, will see electricity bills rise from £470 per year to £497 on average.
Power NI blames the increase in the costs of producing electricity, such as the cost of fuel used in power stations, for the price rise.
However, it claims its prices will still be “significantly below” the main suppliers in Britain, Ireland and across Europe.
According to Utility Regulator, Power NI’s average annual domestic bill will be around 22% cheaper than the average annual bill in Britain and around 30% cheaper than in Ireland.
The supplier offers discounts of up to £60 a year with Energy Online and up to £40 a year for spreading the cost with monthly direct debit.
Around 34,000 farms and businesses will also see their prices rise by about 6% – adding around £2 a week to a small business that has bills of £500 a quarter.
Stephen McCully, Managing Director of Power NI said: “So much is dependent upon world fuel costs, which are outside our control and which have an effect on the price we pay for wholesale electricity.
“We have not increased our prices since 2013 so it is particularly disappointing for us that we have to do so now. However, as we were able to cut our prices over the last four years, a typical Power NI bill will still be roughly £80 less than it was in 2013.”