October 27th, 2022: , one of the UK’s major networks of rapid electric vehicle (EV) charging points, has announced that it is reducing its prices to 79p per kilowatt hour across its nationwide estate.
Effective from 1st November, this reduction has been enabled by the Government’s Energy Bill Relief Scheme - a plan from the UK government that helps reduce energy bills for businesses.
As has been widely reported, the unprecedented electricity wholesale prices in 2022 recently drove up the cost of electricity sold to businesses such as Osprey by their energy suppliers, at times by over 600%.
Ian Johnston, CEO of Osprey Charging said:
“The team at Osprey has been working diligently throughout October with our energy supplier to get clarity on the government support to reduce the price burden on EV drivers. We have now achieved this reduction and are fulfilling the promise we made last month and passing on a saving to our customers immediately.
“We would like to thank all of our customers for their patience during these difficult times and understand that if drivers are to make the switch to electric, they need cheap, reliable charging points all over the UK. Our focus continues to be on building an EV charging infrastructure for the future that is accessible and safe for all. Over the next two years we will invest over £50million expanding our nation-wide public charging network, establishing the much-needed national infrastructure that all drivers can trust and rely on.”
The price that EV drivers pay at the charger is comprised of several aspects including: the cost of electricity, the cost of installing infrastructure, the operation and maintenance of the charging network, as well as VAT at 20% for public charging. Energy suppliers also add on non-commodity costs, their own running costs and margin on top of wholesale electricity, to determine the price that businesses like Osprey pay.