Tuesday, November 25, 2008
The Northern Ireland's Energy Minister Arlene Foster said: "I have discussed the proposed review with Iain Osborne, the Utility Regulator Chief Executive, and we agreed that a gas price review is appropriate at this time."
Arlene Foster continued: "Recent falls in wholesale gas and oil prices have brought changes at the petrol pumps and may have raised consumers' expectations of a reduction in their energy bills. However, gas companies, such as Phoenix, advance purchase a large proportion of their gas for the winter period, hence a gas price reduction cannot be assumed."
The Minister concluded: "While there is no guarantee of a cut in gas prices I commend the Utility Regulator for acting swiftly to review prices and for acting in the best interest of the consumer to ensure that any fall in wholesale prices is passed on to householders as soon as is practicable."
The Department will continue to co-operate with the Utility Regulator, Consumer Council, and the industry in relation to the planned review of Phoenix gas prices.
Arlene Foster continued: "Recent falls in wholesale gas and oil prices have brought changes at the petrol pumps and may have raised consumers' expectations of a reduction in their energy bills. However, gas companies, such as Phoenix, advance purchase a large proportion of their gas for the winter period, hence a gas price reduction cannot be assumed."
The Minister concluded: "While there is no guarantee of a cut in gas prices I commend the Utility Regulator for acting swiftly to review prices and for acting in the best interest of the consumer to ensure that any fall in wholesale prices is passed on to householders as soon as is practicable."
The Department will continue to co-operate with the Utility Regulator, Consumer Council, and the industry in relation to the planned review of Phoenix gas prices.
posted bykanth
@ 8:46 PM
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