Electric Ireland is the third-largest supplier in Northern Ireland, and has over 50,000 domestic customers.

The Lagan Valley MLA has said: “This announcement will inevitably come as a shock to many, and raises a number of very serious concerns. Both in terms of what this means for Electric Ireland’s customer base in Northern Ireland, but also for their employees based here as well.

“It is worrying to see any kind of competition removed from the energy market here, and we must get reassurance from the Utility Regulator that EI’s removal will not lead to anything approaching a monopoly, which could be a disadvantage to both the public and potentially also businesses operating from domestic premises too.

“We must now see the incoming Economy Minister take swift and urgent action to ensure the rights of workers and consumers are upheld at every juncture going forward, that their interests are protected, and that they’re adequately supported through this transition to come.”