SSE Airtricity Gas Price Hike Hits Northern Ireland Customers Hard

Northern Ireland's largest gas supplier, SSE Airtricity, is raising its prices by almost 19% from October for its 200,000 domestic and small business customers. This means a typical household in the greater Belfast and west gas network areas will see their annual gas bill increase by nearly £172.

The company cites 'unprecedented levels of volatility in global energy markets' and higher wholesale gas prices as the reason for the price hike. Wholesale gas prices have effectively doubled since the US and Israel began their attack on Iran, with the current price reaching 169 pence per therm, twice as high as pre-conflict prices.

The conflict has disrupted oil supplies through the Strait of Hormuz, one of the world's key water transport routes. The UK relies heavily on oil imports, with most coming from the US and Norway. Consumer Council for Northern Ireland head of energy policy Raymond Gormley notes that '19.2% is a significant amount' and expects it to be a shock to consumers.

The price increase will put additional pressure on households already dealing with rising electricity prices and high oil costs. The Utility Regulator has compared the UK's gas prices with those in the Republic of Ireland, finding that Northern Ireland customers are about £60 more expensive than their counterparts across the border but £200 cheaper than those in the Republic.