Share Energy to increase electricity prices by 12.6%
The increase comes after rises in external costs of supplying electricity to customers in Northern Ireland.
Share Energy to raise electricity prices by 12.6%
Northern Ireland electricity supplier Share Energy will increase its prices by 12.6% from 1 October.
The company said the sector has experienced "exceptional volatility" after Russia's invasion of Ukraine and amid instability in the Middle East.
CEO Damian Wilson said it "isn't a decision we've taken lightly" and urged the government to tackle the Northern Ireland electricity sector's over-reliance on gas.
"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 electricity costs fall, the company will "look to reflect that in the prices our customers pay".
Share Energy, which says it is committed to sharing half its profits with its customers, has 41,092 customers, including 417 commercial customers and 40,675 domestic customers.
The company is owned by local business people with long experience in the renewable electricity industry.
It said it will contact customers directly about the new prices and will offer support to those who may have difficulty paying their bills.