Share Energy announced a 12.6% increase in electricity tariffs for its Northern Ireland customers effective 1 October. The supplier attributed the rise to what it characterized as exceptional volatility in the energy market, citing Russia’s invasion of Ukraine and instability in the Middle East as contributing factors. The Consumer Council for Northern Ireland estimated that the increase would add approximately £129 annually to electricity costs for both credit and prepayment customers.
CEO Damian Wilson stated the company had worked to shield customers from price increases over the previous two years by absorbing costs where feasible and delaying rate hikes. However, Wilson said the combined impact of wholesale energy costs and regulated network and system charges had become unsustainable. The executive noted that when electricity costs decline, the company intends to adjust customer pricing accordingly. Wilson indicated that Share Energy has operated at a profit since April and projected potential profitability for the year, with plans to distribute customer profit shares in 2028.
Share Energy, which entered Northern Ireland’s market in 2004, currently serves 41,092 customers, including 40,675 domestic and 417 commercial accounts. The company is owned by local business people with experience in renewable electricity and maintains a commitment to share 50% of its profits with qualifying customers, with distribution amounts depending on profits generated and customer tenure. The supplier stated it will contact customers directly regarding new prices and pledged to offer payment assistance to those experiencing financial difficulty.
Other suppliers including SSE Airtricity, Firmus Energy, and Budget Energy have also announced recent price increases. The Consumer Council encouraged consumers to evaluate payment methods and explore cost reduction strategies, while advising those struggling with bills to contact their supplier for support. Meanwhile, in the Republic of Ireland, Bord Gáis Energy announced price increases from 9 October, with typical electricity bills rising 8.8% and gas bills increasing 9.3%.
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