Power NI customers will see their electricity bills fall by 10.3 per cent from April, which the company says could amount to an annual saving of around £50.
Made possible by the falling price of gas, which is the main fuel used to generate electricity, business and farm customers will also see a drop in their electricity costs.
Used by over 500,000 homes, Power NI is Northern Ireland’s largest electricity supplier. Its managing director, Stephen McCully, said: “This is the third year in a row we have been able to cut or freeze prices.
“This means more money in the pockets of householders and with farms and businesses also seeing a similar reduction it is good news all round.”
While welcoming the move, the Consumer Council said it would now like to see other energy providers follow suit.