SDLP Economy Spokesperson and Chair of the Enterprise, Trade and Investment Committee Patsy McGlone has said sky high electricity prices are threatening existing manufacturing jobs and are a barrier to the creation of new jobs.

He also warned that any cut in energy prices for businesses should not be passed on via a price hike to the ordinary customer.

His comments follow a report by the Utility Regulator which shows that prices paid by manufacturers in the north are among the highest in Europe and double that paid in countries such as France and Sweden.

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Mr McGlone met with the Utility Regulator Shane Lynch and is meeting with Bryan Gray from Manufacturing NI tomorrow to discuss the findings of this report.

He said: "The findings of this report are concerning and confirm what businesses have been telling us.

"Energy prices are a major outgoing for large manufacturers. The fact that those who locate in the north are paying significantly more than those based on the rest of the island, in the UK and Europe not only threatens existing manufacturing jobs, it acts as a barrier to attracting Foreign Direct Investment and the creation of new jobs.

"If we are serious about attracting investment, we need to be attractive to investors. Having some of the highest energy costs in Europe is not the way to do this.

"It is critical that there is openness and transparency when it comes to energy pricing and I would like to compliment the Utility Regulator for collating and uncovering this gross disparity."

(CD)