business
UK Government Extends Electricity Cost-Cutting Scheme to Northern Ireland
The British Industrial Competitiveness Scheme (BICS), which reduces electricity costs for manufacturing businesses in Great Britain, will be extended to Northern Ireland. The UK government will provide funding to Stormont to develop a local version of the scheme, which previously did not apply due to Northern Ireland's distinct electricity market.
Apr 16, 1:08 PM·1m read1 source
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The UK government announced an extension of the British Industrial Competitiveness Scheme (BICS) to Northern Ireland, aiming to reduce electricity costs for manufacturing businesses in the region. Until now, BICS operated only in Great Britain and did not cover Northern Ireland because it is part of an all-Ireland electricity market with different regulations and charges.
The government will provide funding to the Northern Ireland Executive (Stormont) to develop a local version of the scheme.
Stormont will design its own scheme in liaison with the UK government to ensure it aligns with the region's specific electricity market structure. BICS reduces policy costs—mainly environmental levies—added to electricity bills for businesses and households. For qualifying businesses in Great Britain, the scheme is expected to cut electricity bills by up to 25%.
A similar move has already been made in regard to household bills. The reduction will be given for the first time in July, and in the following two years it will apply in April.
