Even with these unfortunate increases, Share Energy still offers some of the most competitive rates available in Northern Ireland – Damian Wilson, CEO
Share Energy, the locally owned electricity supplier committed to sharing half its profits with its customers, has today announced that its prices will increase following sustained increases in the external costs of supplying electricity to customers in Northern Ireland.
Share Energy said it had sought to shield customers from the full impact of rising energy costs for as long as possible, absorbing and delaying external cost pressures where it could.
Since Share Energy entered the Northern Ireland market two years ago, the energy sector has experienced exceptional volatility, initially following Russia’s invasion of Ukraine and, more recently, as a result of ongoing conflict and instability in the Middle East.
Alongside wholesale energy costs, electricity suppliers in Northern Ireland also face regulated network charged from The Utility Regulator as well as system charges associated with transporting electricity and maintaining and operating the electricity system from NIE Networks and SONI.
Damian Wilson, CEO of Share Energy said:
“We know our customers will be disappointed by this announcement, and we fully empathise with them. However, even with these unfortunate increases, Share Energy still offers some of the most competitive rates available in NI’.
“Over the last two years, the energy market has faced one external shock after another. Throughout that period, we’ve worked hard to shield our customers from the full impact, absorbing costs where we could and delaying increases for as long as it was responsible to do so.
“Unfortunately, we have now reached the point where the combined impact of wholesale energy costs and regulated network and system costs is simply too significant for us to continue absorbing.
“This isn’t a decision we’ve taken lightly.”
The Share Energy CEO called on the Government to urgently address the Northern Ireland electricity sector’s over-reliance on gas, describing that as the sector’s ‘Achilles heel’.
“We came into this market to offer Northern Ireland customers a genuine alternative and better overall value. That mission hasn’t changed. And when the costs of supplying electricity fall, we will, of course, look to reflect that in the prices our customers pay.”
Share Energy is contacting affected customers directly with details of the new prices and the support available to customers who may have difficulty paying their energy bills.
