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Ofreg chief executive Iain Osborne said: "This plan is good news for the residents of Rathlin Island.
Its CEO Iain Osborne added: "Ofreg has been working with Phoenix and the Consumer Council in recent weeks to understand what is driving this tariff increase, and as a result this rise is around a quarter lower than Phoenix's initial proposal.
Electricity and gas regulator Ofreg's role will also be expanded to check on the body, which will oversee a pounds 3billion overhaul in water and sewage systems.
Fuel regulator OFREG's chief Douglas McIldoon said the price increase had to be paid in the short term, but stressed: "This outrage against the people of Northern Ireland can and must be contested by every means in our power.
That is absolutely incorrect, as highlighted in the report into NIE's customer standards published this month by electricity regulator Ofreg. The Customer Services Standards Report demonstrated that NIE's customer standards for the year to April 2001 bettered or equalled the average performance for electricity companies in GB.
The average domestic bill will be cut by pounds 5 each year under an agreement between Northern Ireland Electricity and the industry regulator Ofreg.
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