Review Will Not Affect Planned Price Increases

At the meeting of the Enterprise, Trade and Investment Committee, yesterday’s announcement by the Utility Regulator was discussed. It was highlighted that while a review of the electricity tariff setting process had been commissioned by the regulator, this would have no effect on the planned hike in electricity prices.

Following the meeting the Chair, Mark Durkan, said:

“The Utility Regulator was questioned closely at last week’s Committee meeting on how price increases are decided. Members recorded concerns and misgivings about the increases and the process leading to them, and agreed to pursue matters further at this week’s meeting. The Regulator and the Minister wrote to the Committee yesterday afternoon with news of the Regulator’s Independent Review.

“We want to test and improve the terms of reference and further proof the independence of the review. The Committee received a letter highlighting some Consumer Council concerns. These and our own questions can be reflected in our meeting next week, where we hope to have the Regulator, the Consumer Council, and Douglas McIldoon.

“It needs to be clearly understood that the review established and announced by the regulator is only into process. It will not lay a finger on the price increase which was sanctioned by the regulator and consumers will still get those hefty bills.”

Jennifer McCann, deputy Chair added, “It is clear that consumers want to be assured that every possible step is taken to keep prices to a minimum. They want to understand how prices are set and that this is done in the most transparent way possible; this is an absolute necessity if the public are to have confidence in the process.”

The Committee agreed to invite the Utility Regulator, the Consumer Council and Douglas McIldoon, who will be conducting the review, to next week’s meeting to discuss the scope and nature of the review.

ENDS

NOTE TO EDITOR

The Committee for Enterprise, Trade and Investment’s membership is: 
Chairperson Mark Durkan MP (SDLP) 
Deputy Chairperson Jennifer McCann (Sinn Fein) 
Alliance
Sean Neeson 
DUP 
Simon Hamilton 
Robin Newton 
Jim Wells 
Sinn Fein 
Paul Butler 
Independent Gerry McHugh 
SDLP 
Alasdair McDonnell MP 
UUP 
Leslie Cree 
Alan McFarland