Electric Ireland pulls out of NI residential electricity market

Electric Ireland is pulling out of Northern Ireland's residential electricity market.

The firm's 53,000 customers do not have to take any immediate action though they will eventually have to move to another supplier.

Electric Ireland said the decision was taken after a strategic review of its Northern Ireland business.

The Dublin-based firm will continue to supply business customers in Northern Ireland.

It has about a third of the business market.

Electric Ireland entered the residential supply market in Northern Ireland in 2015 and currently has about 6% of that market .

It is currently under investigation by the NI Utility Regulator for potential breaches of its licence.

Last year, a significant technical fault affected thousands of Electric Ireland customers, leaving some without power.

However it is not clear to what extent the investigation is related to that incident.

The regulator is investigating eight potential breaches, including the handling of complaints and the provision of customer information.

In 2020 Electric Ireland agreed to make a donation of £250,000 to charities after another regulator's investigation which focused on the firm's treatment of customers in areas such as switching, communications and handling complaints.

Barbara Cantley, the Interim Director of Consumer Protection and Enforcement at the Utility Regulator, said they were working with Electric Ireland to ensure a smooth transition for consumers.

Speaking on BBC Radio Ulster's Evening Extra programme, Ms Cantley said: "I really would like to reassure consumers. They will not lose supply as a result of this decision.

"Customers don't need to panic, and they don't have to do anything, your lights will stay on.

"Our key focus is that there is no customer detriment as a result of this commercial decision that Electric Ireland have taken," Ms Cantley said.

Analysis: Northern Ireland left with five suppliers

Electric Ireland's decision to leave the market will leave Northern Ireland with five residential suppliers.

It is now more than 15 years since the market was fully opened to competition.

Power NI remains the biggest supplier.

Data from the regulator suggests it had about 60% of the market at the end of last year.

In a distant second SSE Airtricity had about 17% with Budget Energy the next largest supplier on just over 11%.