The north’s new locally owned electricity supplier Share Energy has announced it will put a freeze on its winter tariffs until at least April.
The new venture, which launched in September, has already pledged to return 50% of all future company profits to domestic and commercial customers.
Consumer Council analysis indicates Share Energy currently offer the lowest standard residential unit price in the north at 25.29p per kilowatt hour (kWh), with a 13.33p standing charge per day on most tariffs.
The Consumer Council estimate the average annual cost (based on 3,200kWh) for Share Energy’s credit customers is around £858 per year.
The consumer body’s electricity price comparison table suggests the only cheaper option currently available is a 12 month fixed contract offered by Budget Energy to new customers, which would cost an estimated £842 per year (based on 3,200kWh annual usage).
The north’s biggest electricity supplier, Power NI, recently increased its tariff by 4% on December 1.
Power NI has around 500,000 customers in Northern Ireland.
Its prices currently range from 20.06p to 30.91p per kWh, depending on tariff type.
Share Energy is owned by Colm McClean, Jonny Barr and Damian Wilson.
Despite its lower prices, its customer base in the north is thought to be small.
Mr Wilson, who is also the company’s chief executive, said despite the economic challenges in the energy market, Share Energy has maintained the lowest standard rate in the market.
He said the latest freeze guarantee means customers will pay the same standard tariff until April.
The company also offers its tariffs with no fixed terms or early exit fees.
“The past few years have been turbulent for the industry with increasing costs meaning many families struggle to pay their bills, yet energy companies are reporting record-breaking profits,” he said.
“At Share Energy we want to be different. Our decision to freeze prices will hopefully reassure our customers of our commitment to deliver affordable energy to the businesses and communities we serve.”
