Consumers across the country however have seen a 33.3 per cent increase in their home energy bills in October.
Arlene Foster, economy minister, warned that there is "no guarantee" of "a reduction in electricity prices" as a result of the review.
She added: "However, I am confident that the Utility Regulator will act in the best interest of consumers and pass on any electricity price reductions as quickly as possible."
The Scottish National Party recently called on the UK government to take "decisive action" and help households to cope with rising energy bills over the winter period.
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