Share Energy is aiming to ‘revolutionise’ sector by splitting 50% of gains with customers
The first new electricity supplier in almost four years is set to enter the Northern Ireland market with a plan to profit-share with customers.
Share Energy claims it will offer the lowest standard rate available to consumers here.
CEO Damian Wilson, former director of supplier Budget Energy and founder of Click Energy, says Share Energy wants to “revolutionise” the market by sharing 50% of its profits with domestic and commercial customers.
The range of suppliers in the NI electricity market has contracted in recent years: Bright left the market in 2022, while Electric Ireland announced earlier this year that it was going to pull out of NI’s domestic market.
Share Energy tariffs will include one with a reduced cost for night-time electricity use targeted towards EV drivers charging their cars at the end of the day.
The supplier is already taking sign-ups from both commercial and domestic customers across NI.
According to its website, the profit-sharing scheme will deliver a once-per-year dividend to customers, with those who have been with the company longer earning more.
The payment is dependent on the company making a profit, and it notes it is “unlikely” to be in the black “in year one”.
“As a local company owned by local people with wide-ranging experience in the electricity sector, our ambition is to create a fairer energy market for customers,” Mr Wilson said.
“We have been blown away by the response to what we are doing, which highlights the need for affordable electricity from a company that, for once, puts customers first.”
Energy price comparison service Power to Switch NI said: “The launch of Share Energy brings increased choice and competition to the market, which is a good thing for consumers.”
“So, a new supplier reversing this trend is welcome.”
Share Energy’s other directors are Jonathan Barr and Colm McClean.
by _BornToBeTaioseach_