SDLP Chair of the Assembly's Enterprise, Trade and Investment Committee Alban Maginness has expressed concern about the potential downgrade of Northern Ireland Electricity's (NIE) credit rating by ratings agencies Fitch and Standard & Poor.

The North Belfast MLA said: "The warnings issued by these agencies in relation to NIE are very disturbing indeed.

"The intervention by the likes of Fitch and S&P in relation to electricity prices here is unprecedented and highly worrying.

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"However, we hope that an agreement can be reached between NIE and the regulator to ward off any downgrade taking effect.

"The regulator has the very difficult task of protecting consumers – both personal and business – against excessive electricity pricing models, but also has to ensure the ability of NIE to provide sufficient funding for the renewal and development of the network, including the outworking of plans for renewable energy.

"I will be monitoring this issue closely and encourage all parties to engage in meaningful discussion to find a path out of this situation before it reaches crisis point."

(CD)