Northern Ireland electricity supplier Share Energy is set to increase its prices by 12.6%. The company stated that the industry has experienced "exceptional volatility" following Russia's invasion of Ukraine and instability in the Middle East.
Damian Wilson, CEO of Share Energy, said the decision was not taken lightly. He called on the government to address the Northern Ireland electricity sector's significant reliance on gas. Other suppliers, including SSE Airtricity, Firmus Energy, and Budget Energy, have also recently announced price increases.
Wilson explained that the company had worked to protect customers from the full impact of rising wholesale energy and regulated network costs, absorbing expenses and delaying increases where possible. However, he added that the combined impact is now too substantial to continue absorbing.
Share Energy, which entered the Northern Ireland market in 2004, has 41,092 customers, comprising 40,675 domestic and 417 commercial accounts. The company plans to contact customers directly with the new prices and offer support to those who may face difficulties paying their bills.