NI’s household gas market is very different from GB’s. There are only two suppliers, SSE & firmus. They compete in Greater Belfast; SSE have a monopoly in the west, firmus in the ‘10 towns’. So regulation much more important for price setting compared to the deregulated GB market
The problems in GB are largely about poorly hedged challenger firms being sunk by a spike in prices. That situation does not apply in NI.
In NI prices are set with the regulator’s approval at predictable points in the year. Substantial prices were recently agreed for SSE & firmus which take effect in October. Next price setting due in the spring where on current trajectory they will be up again.
It’s a different situation for big commercial users where there are six suppliers who will be using a variety of contracts meaning suppliers & customers will have some exposure to short term market prices. Tough times for big industrial users who get some supply at spot prices.
Of course biggest industrial use is electricity generation so there is a real possibility of that feeding through to higher household electricity prices before the end of this year.
I’m told that one local supplier this morning removed all their discount offers, so there’s the direction of travel.
Also while firmus announced its 10 towns tariff it hasn’t yet announced a change to its (unregulated) Belfast tariff.
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