Share Energy Hikes Tariff as Wholesale Gas Prices Soar

Northern Ireland's locally owned electricity supplier Share Energy is increasing its standard rate by 12.6% from October 1, adding around £129 to the average annual household bill.

The new tariff will take effect on October 1 and applies to keypad customers and those on the supplier's standard 'Share 24' tariff, taking their annual bill to approximately £1,200 per year.

Households with special night rates, including those designed for electric vehicles, will see their day rate rise by 13.89%, while the new night rate will increase by 10.46%.

The increase is due to sustained rises in wholesale natural gas prices, which have reached a four-year high of £1.96 per therm, up from an average of around 85p per therm twelve months ago.