Share Energy to Raise Electricity Prices by 12.6% from October as Wholesale Gas Hits Four-Year High
Derry-based electricity supplier Share Energy has announced a 12.6% increase in its tariff prices effective October 1, 2026, adding approximately £129 per year to the average household electricity bill and bringing annual costs to around £1,200 — the latest in a series of price increases from Northern Ireland suppliers as wholesale natural gas prices reach their highest level in four years.
Background
Share Energy entered the Northern Ireland electricity market in 2024 with a distinctive profit-sharing model that promised to return 50% of company profits to qualifying customers. The Derry-based firm positioned itself as an alternative to the established suppliers, offering competitive rates and a community-oriented ethos that resonated with consumers frustrated by the pricing practices of larger energy companies.
The Northern Ireland electricity market operates differently from the Republic of Ireland, with prices set by individual suppliers rather than through a regulated tariff structure. This means that price increases can be announced and implemented relatively quickly, and consumers have the option to switch suppliers if they find better rates elsewhere. The Consumer Council for Northern Ireland plays a monitoring role but does not have the power to block price increases.
The energy market in Northern Ireland has been under sustained pressure since 2022, when the Russian invasion of Ukraine triggered a sharp rise in wholesale gas prices that fed through into electricity costs. While prices moderated somewhat in 2023 and 2024, the current geopolitical situation — including instability in the Middle East and the closure of the Strait of Hormuz — has driven a new round of wholesale price increases that suppliers are now passing on to customers.
Key Developments
Share Energy announced the 12.6% increase on September 9, attributing the decision to "exceptional volatility" in the energy industry. Wholesale natural gas prices, which are critical for electricity generation in Northern Ireland, reached £1.96 per therm as of early September 2026 — a four-year high that has made it impossible for the company to continue absorbing costs without passing them on to customers.
Chief executive Damian Wilson said the company had "worked hard to shield customers from the full impact of rising costs" by absorbing expenses and delaying price increases for as long as possible. He acknowledged that the announcement was "very unwelcome" but said the combination of wholesale energy costs, regulated network charges, and system costs had made the increase unavoidable.
The increase will add roughly £129 per year to the average household electricity bill for those on the supplier's standard "Share 24" tariff and keypad customers. Households utilising night rates — including those with electric vehicle tariffs — will face a 13.89% increase on day rates and a 10.46% increase on night rates. The Consumer Council for Northern Ireland described the news as "very unwelcome" and urged customers to explore switching options.
Share Energy's announcement follows similar price increases from other Northern Ireland suppliers, including SSE Airtricity, Firmus Energy, and Budget Energy, suggesting that the upward pressure on household energy costs is sector-wide rather than specific to any individual company.
Why It Matters
The 12.6% increase comes at a particularly difficult time for Northern Ireland households, many of whom are still managing the cumulative impact of energy price rises since 2022. The £129 annual increase represents a significant additional burden for families on fixed or low incomes, and the timing — just as the winter heating season approaches — adds to the pressure.
Northern Ireland faces a particular challenge in this regard because a significant proportion of households rely on home heating oil rather than gas for central heating, meaning they face a double exposure to energy price volatility: rising electricity costs and fluctuating oil prices. The NI Home Heating Oil Support Scheme, which opened for applications this week offering £100 vouchers to eligible households, provides some relief but does not fully offset the scale of the increases.
The profit-sharing model that Share Energy has promoted since its launch remains a point of differentiation, but the first potential payout to customers is not expected until 2028 — meaning the immediate impact of the price increase will be felt without any corresponding benefit for the foreseeable future.
Local Impact
In Derry, where Share Energy is headquartered and where it has a significant customer base, the announcement has been met with frustration. The city has some of the highest rates of fuel poverty in Northern Ireland, with a significant proportion of households in the Bogside, Creggan, and Waterside areas spending more than 10% of their income on energy. The 12.6% increase will push more households over that threshold.
Across Northern Ireland, the Consumer Council has urged customers experiencing difficulty paying their bills to contact Share Energy directly to discuss support options, including flexible payment arrangements and the company's Energy Support Fund. The council has also reminded customers that they have the right to terminate their contracts within 30 days of the September 9 announcement if they wish to switch to a different supplier.
What's Next
The new tariffs take effect on October 1, 2026. Customers will see their bills split to reflect usage at the old rates up to September 30 and usage at the new rates from October 1. Share Energy has committed to contacting all affected customers directly before the change takes effect. The Consumer Council will publish its quarterly energy price comparison in October, which will allow customers to assess whether switching suppliers would result in savings.
