To ask the Minister for the Economy what support has been considered to help businesses cope with the recent increases in energy bills.

Consumers are facing unprecedented increases in the price of fuels, especially natural gas and crude oil. These fuels are also used to generate the majority of our electricity.

Regulation exists for the largest electricity domestic supplier in Northern Ireland as there is insufficient competition in the market to ensure a fair deal for domestic consumers. With a larger number of suppliers for business consumers, price regulation is driven by the market. However all consumers, including business customers, have the right to switch energy supplier and are protected in their dealings with energy companies through requirements in all energy supply licences.

In addition, Invest NI delivers a suite of support, including specialist advice and investment capital, to enable NI businesses to become more efficient and resilient through green efficiencies. This includes fully funded Technical Consultancy, a Resource Matching Service and the Resource Efficiency Capital Grant. This support helps businesses to optimise and futureproof their operations by implementing green efficiencies to achieve carbon savings and cost savings to mitigate the impact of rising energy costs.

One of the key objectives of the ‘Path to Net Zero Energy’, the new Energy Strategy, published on 16th December 2021, is to ensure that all businesses have access to essential and affordable energy to enable an adequate standard of competitiveness. The focus now turns to priorities for delivery to ensure that we maximise the benefits for our society and economy as soon as possible.