Northern Ireland energy firms drop electricity and gas prices

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Consumers in Northern Ireland are set to benefit from reductions in electricity and gas prices, it has been reported.

It has been confirmed that Northern Ireland Electricity is dropping its prices by 10.8 per cent, while Phoenix Gas is making reductions on 22.1 per cent, the BBC reports.

Energy minister Arlene Foster has welcomed the move by the two energy firms, which were revealed following an independent review of gas and electricity prices in the province.

Ms Foster did however tell the news provider that she would have liked to see "even bigger price reductions".

She stated: "I'm satisfied that the regulator has looked at the wholesale market, he has looked at the sterling/dollar differential and he has said that he is satisfied that these price reductions are in line with what's going on."

Ed Miliband, energy secretary, recently said that energy firms should pass on reductions in wholesale prices to consumers "as soon as possible".

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