A new locally owned electricity supplier has launched in the north claiming to offer the cheapest standard unit rate for domestic customers.
Share Energy has also pledged to return 50% of all future company profits to domestic and commercial customers.
Originally granted a licence to supply electricity in Northern Ireland in August 2023, the new company is already supplying a small number of households.
Share Energy is owned by Colm McClean, Jonny Barr and Damian Wilson.
Mr McClean and Mr Barr are well known in the renewables sector through companies including Everun and Wind NI.
Damian Wilson, who is the start-up supplier’s chief executive, is a former director of Budget Energy and Click Energy.
The company has officially launched in Northern Ireland just a few months after Electric Ireland announced its withdrawal from the residential market in the north.
The ESB-owned supplier had 53,000 customers at the time of its announcement in May 2024.
Damian Wilson said the trio behind Share Energy decided to move into the market to take on the bigger players and their large profits.
He said their profit-sharing model will operate via an annual rebate, with full details on its website.
“Our extensive research has shown that Northern Ireland customers are fed up with paying over the odds to electricity suppliers who are raking in substantial annual profits for their shareholders,” said the CEO.
“We believe our profit-sharing model will transform the market here, whilst also underlining our commitment to fairness, transparency, and value.
“We want to revolutionise the energy market – ensuring our customers directly benefit from our growth.”
Mr Wilson said the company has spent the past two years in research and development mode.
He said Share Energy has the potential to be “a real gamechanger” for consumers in the north.
“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,” he added.
“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.
“Our research also shows that a considerable proportion of consumers in Northern Ireland don’t realise how simple it is to switch suppliers – for example, by simply calling our team or via our website.
“The process, nowadays, is straightforward and painless. We believe there has never been a better time to launch a competitively focused offering that combines market-leading electricity rates and customer profit share.”
Share Energy’s standard ‘Share 24 Credit’ tariff is priced at 25.29p/kWh (including VAT), with a standing charge of 13.33p per day.
The standard keypad tariff is similarly priced at 25.29p per unit, plus a 16.67p per day standing charge.
The company is also offering tariffs aimed at electric vehicle owners and for households with storage heaters.
