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UK: Ireland energy price hikes capped by CC

 |  November 10, 2013

The UK’s Competition Commission ruled late last week has blocked Northern Ireland Electricity’s plans for incremental energy price hikes, say reports.

NIE was slated to increase energy costs by up to $40 every year for the next five years. The Commission, however, has ruled that the NIE can only hike prices by about $8 every year.

The regulator made the ruling following a referral by the Energy Regulator, which has welcomed the Commission’s decision.

The price caps come as the UK heavily debates rising energy costs; market inquiries looking to force energy giants to justify high costs are planned by UK energy regulator Ofgem, as well as the Office of Fair Trading and incoming regulator the Competition and Markets Authority.

Full Content: UTV

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