Wholesale natural gas prices have more than doubled since the conflict in the Middle East began three weeks ago. The increase follows US and Israeli military actions against Iran.
Energy companies in Northern Ireland have not yet passed on higher costs to consumers. They purchase gas up to two years in advance, which delays price impacts.
John French, the Utility Regulator, stated that continued conflict would erode confidence in energy companies' hedging strategies. He noted that price regulation decisions are made twice yearly, but ad hoc reviews may occur if costs become unmanageable.