Power NI has announced it is to drop its prices by 9.2% from 1 April.
This marks the largest price decrease by an energy firm in Northern Ireland.
SDLP Spokesperson for Enterprise, Trade & Investment Patsy McGlone MLA, said: "This significant decrease from Power NI marks the biggest decrease of any energy company in Northern Ireland since oil prices fell last year.
"Home and business owners will appreciate the significant savings that they will be make in the wake of this announcement.
"My discussions with the Utility Regulator as chair of the DETI committee appear to have had the desired affect and I appreciate the good work they have done in this endeavour."
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