Share Energy to increase electricity prices by 12.6%

Northern Ireland electricity supplier, Share Energy, is to increase its tariff prices by 12.6% from 1 October.

The supplier said the industry has faced "exceptional volatility" following Russia's invasion of Ukraine and instability in the Middle East.

The company entered Northern Ireland's electricity market in 2004.

Its CEO Damian Wilson said it "isn't a decision we've taken lightly" and has called on the government to address the Northern Ireland electricity sector's over-reliance on gas.

The Consumer Council for Northern Ireland has said the supplier's credit customers and prepayment customers will see their annual electricity costs rise by about £129 a year.

Other energy suppliers such as SSE Airtricity, Firmus Energy and Budget Energy have also recently announced price increases.

"Over the last two years, the energy market has faced one external shock after another," Wilson said.

"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."

Wilson added that when the costs of electricity fall the company will "look to reflect that in the prices our customers pay".

Wilson told BBC Radio Ulster's Evening Extra programme that Share Energy had been "operationally profitable" since April.

"Hopefully, at this time next year, when we have our year end, it'll be a profitable year for us and we'll be able to share profits in 2028 to all our customers," he said.

On the impact of higher prices heading into winter, Wilson said: "It is going to be tough and we appreciate that."

"We'll try and help out where we can with our customers," he added.

Share Energy has 41,092 customers, 417 of those are commercial customers and 40,675 are domestic.

The company is owned by local business people with long experience in the renewable electricity industry.

It is committed to sharing half its profits with its customers and based on its current trajectory, Share Energy expects the first profit share could be available in 2028.

"Despite the price increase, our commitment remains unchanged: 50% of our profit will be shared with qualifying customers," Share Energy said in a statement.

"The amount each customer receives will depend on the profit generated and how long they have been a Share Energy customer."

The supplier added that it will contact customers directly with the new prices, and will offer support to those who may have difficulty paying their bills.