The Economy Minister Dr Caoimhe Archibald said the money would “provide some help for families as winter kicks in and energy bills rise”.
Last week applications opened for a separate means-tested scheme to provide a £100 voucher to some heating oil users. It is jointly funded by Stormont and the UK government.
The electricity scheme reflects two policies which apply in GB: a temporary cut in VAT and the removal of some consumer levies.
The UK government decided not to apply the VAT cut in NI as it would have required agreement with the EU which it thought would lead to delay.
There are due to be similar bill reductions in the next two years but the size of those will depend on whether the government continues with the VAT cut which was introduced as a temporary measure.
It comes as energy prices continue to rise, driven by the US conflict with Iran.
Data from the NI consumer council suggests 500 litres of home heating oil currently costs around £560, more than twice the price compared to this time last year.
