Share Energy will increase its electricity prices by 12.6%, the company announced, attributing the rise to escalating external costs. In a statement, Damian Wilson, Chief Executive of Share Energy, explained that the energy market has experienced "one external shock after another" over the past two years.
Wilson noted that the company has worked to mitigate the full impact on its customers by absorbing costs and delaying increases. However, he stated that the combined costs of wholesale energy, regulated network, and system operations have become too significant to absorb further. Share Energy plans to adjust prices downward if wholesale costs decrease.
The company, which is owned by individuals with renewable electricity industry experience and commits to sharing half its profits with customers, serves 41,092 customers, comprising 417 commercial and 40,675 domestic accounts. Share Energy will directly inform its customers about the new pricing and offer support for those facing difficulties with payments.
The increase follows recent surges in the costs associated with supplying electricity, which the industry has reportedly faced due to "exceptional volatility." Factors contributing to this instability include Russia's invasion of Ukraine and ongoing geopolitical challenges in the Middle East.