The Mid Ulster MLA said: "The findings of this report show that electricity prices for our largest industrial and commercial consumers, who account for around 30% of non-domestic consumers, are among the highest in Europe. This is obviously detrimental to their competitiveness with other firms throughout Europe and also negatively affects our ability to attract Foreign Direct Investment to this region of the United Kingdom. It also lends further evidence to the argument to devolve and subsequently reduce Corporation Tax in order to ease the burden on the business community.
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"This issue is one that was highlighted to the ETI committee almost a year ago by Manufacturing NI and it is welcome that these concerns have been taken on board by the Utility Regulator and this research has been carried out. Further work is of course needed to fully understand why these price variations are present through Europe, however, I welcome this initial research which will inform the next steps in tackling this concerning issue."
(CD)
