// BBC BUSINESS NEWS — FINANZA
Share Energy to increase electricity prices by 12.6%
Northern Ireland electricity supplier, Share Energy, is to increase its tariff prices by 12.6% from 1 October.
The supplier said the industry has faced "exceptional volatility" following Russia's invasion of Ukraine and instability in the Middle East.
The company entered Northern Ireland's electricity market in 2004.
Its CEO Damian Wilson said it "isn't a decision we've taken lightly" and has called on the government to address the Northern Ireland electricity sector's over-reliance on gas.
The Consumer Council for Northern Ireland has said the supplier's credit customers and prepayment customers will see their annual electricity costs rise by about £129 a year.
Other energy suppliers such as SSE Airtricity, Firmus Energy and Budget Energy have also recently announced price increases.
Damian Wilson is the chief executive of Shared Energy
"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."