Share Energy, a Northern Ireland-based electricity supplier, has announced a 12.6% increase in its electricity prices. The move brings the company in line with recent tariff hikes from competitors SSE Airtricity, Firmus Energy, and Budget Energy.
Damian Wilson, the company’s chief executive, described the decision as difficult but necessary, noting that the energy sector has experienced “exceptional volatility” due to Russia’s invasion of Ukraine and ongoing instability in the Middle East. Wilson stated that over the past two years, the firm had attempted to protect customers from the full brunt of rising costs by absorbing expenses and delaying price adjustments whenever possible.
“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,” Wilson said. He added that the company remains committed to adjusting prices downward when wholesale costs decrease and has called on the government to reduce the region’s heavy reliance on gas.
Founded in 2004, Share Energy serves approximately 41,092 customers in Northern Ireland, comprising 40,675 domestic households and 417 commercial clients. The company is owned by local businesspeople with extensive backgrounds in the renewable electricity industry and operates on a model that shares half of its profits with customers.
The supplier confirmed it will contact affected customers directly regarding the new rates and has pledged to provide support to those facing difficulty paying their bills.
I wish they’d pass the savings on to customers instead of keeping half the profits. Feels like a hard sell to absorb costs but not share the benefits.
This is devastating for families already struggling with the cost of living. When will the government actually do something about these gas prices?