The Utility Regulator has confirmed it is to begin to review Power NI's regulated electricity tariffs and the regulated gas tariffs of Airtricity Gas Supply and Firmus.

Sinn Féin MLA Phil Flanagan welcomed the announcement however he said the review should have been carried out sooner.

Mr Flanagan said: "Over the last six months, we have witnessed a significant fall in the price of crude oil and wholesale gas. This has resulted in a considerable decrease in costs for most electricity generators and for both electricity and gas supply companies.

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"However this cost reduction has not yet been passed onto consumers like it has with petrol, diesel and home heating oil. I raised my concerns about this during a debate in the Assembly on the 8th December with the Energy Minister Arlene Foster and again at the start of this week with the Utility Regulator.

"It is only right and proper that as the price of fuels fall that the price customers pay falls also. It is unacceptable that this has not happened to date. I am reassured that those suppliers whose prices are regulated will not benefit as any excessive profits they may have made during this time can be clawed back over the coming period, but that may not necessarily be the case for other suppliers.

"It will be up to them to set their own prices and I am not content that competition alone will deliver the best outcomes for consumers by hoping that other suppliers will reduce prices in the long term to reflect the profits they have made during the last few months."

(CD/IT)