Northern Ireland consumers 'could see reduction in electricity bills'

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Energy consumers across Northern Ireland could soon benefit from a reduction in electricity bills, according to reports.

The utility regulator Iain Osborne has claimed the worldwide reduction in wholesale oil prices could result in a drop in electricity prices, reports the Belfast News Letter.

His comments come after a review into the 33.3 per cent increase in electricity prices which were imposed during October, which provoked a fair degree of anger across the country.

Mr Osborne told the newspaper that "costs have been hedged to a considerable degree" but added the price drops will "not reflect the full fall in the price of crude oil".

He added: "We will make the announcement before Christmas; it is too early to say how much it will go down, but the wholesale market is quite sharply down."

Richard Haddelsey, from energy analysts McKinnon & Clarke, recently told the Daily Mail that utility companies in the UK are slower to pass on reductions in wholesale gas and electricity prices than other firms across Europe.

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