The move, which could save the typical electricity customers £83 a year, comes as part of the annual tariff review undertaken by Power NI and the Utility Regulator. The organisation said it was due to a reduction in international commodity prices.
The 14.1 per cent decrease in energy tariffs puts regulated domestic electricity price below the average for the UK and the announcement came hours after SSE said it would be putting its prices up by nine per cent.
Utility Regulator chief executive Shane Lynch was “delighted” at the move, claiming it will make other suppliers “review their prices”.
He added: “Consumers are free to choose their electricity supplier and I would encourage them to explore the choices available to them.”
Lynch also said that further price changes could occur, saying that the Utility Regulator is monitoring wholesale prices and “any significant changes” could result in a tariff review.