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.
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". Share Energy, which is says it's committed to sharing half its profits with its customers, 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 said it will contact customers directly with the new prices, and will offer support to those who may have difficulty paying their bills. 'A lot of pressure' - SSE Airtricity to increase gas prices by 19% Firmus Energy customers face price increase New energy supplier enters NI electricity market Budget Energy announces 9.5% price increase
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