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Northern Ireland Faces 12.6% Energy Price Hike
9 Sep
Summary
- Share Energy announces a 12.6% electricity price increase from October 1st.
- Company cites exceptional market volatility due to global conflicts.
- CEO calls for government action on Northern Ireland's gas dependency.
Share Energy is implementing a 12.6% electricity price increase for its customers in Northern Ireland, effective October 1st. The company attributes this adjustment to substantial "exceptional volatility" within the energy market, exacerbated by international conflicts.
Damian Wilson, CEO of Share Energy, stated that the decision was not taken lightly. He emphasized the Northern Ireland electricity sector's critical over-reliance on gas and called for governmental solutions to this issue.
This price adjustment follows similar announcements from other energy providers, including SSE Airtricity, Firmus Energy, and Budget Energy, indicating a broader trend in the market.
Wilson explained that external shocks over the past two years have compelled the company to absorb costs for as long as possible. However, escalating wholesale energy and regulated network costs have made further absorption unsustainable.
Share Energy, which entered the Northern Ireland market in 2004 and is owned by local business figures, serves over 41,000 customers, comprising both domestic and commercial accounts. The company commits to sharing half of its profits with customers and will directly inform them of the new pricing, offering assistance to those facing payment difficulties.
