The rapidly escalating cost of oil on the world market - roughly twice what it was a year ago - and a range of other market issues has led to the latest price hike for consumers.

Northern Ireland Electricity (NIE) is now due to announce a hike in its charges.

The increase - in about a fortnight's time - comes on the heels of a price rise imposed by Phoenix Gas on its customers.

-- Advertisement --

NI's energy regulator, Iain Osborne, has already said he expects the cost of power to go up by as much as 30% by the end of 2008.

NIE has already confirmed that it is to meet the energy regulator on Friday to review tariffs for both domestic and business users.

Sharp increases in wholesale prices of oil, gas and coal are being blamed for the anticipated increase.

NIE has not said how much of an increase it is seeking, however, electricity bills in the rest of the UK have risen by an average of 14% since the start of the year.

It is thought that customers are likely to face an increase of around of 15% in the short term.

(BMcC)