Share Energy, which claims it will offer the lowest standard rates available, is led by CEO Damian Wilson, the former director of Budget Energy and founder of Click Energy. Wilson states that Share Energy aims to “revolutionize” the market by distributing 50% of its profits to both domestic and commercial customers.

The Northern Ireland electricity market has seen a reduction in suppliers in recent years, with Bright exiting in 2022 and Electric Ireland announcing its departure from the domestic market earlier this year.

Share Energy will offer various tariffs, including one designed specifically for electric vehicle owners, offering lower rates for night time electricity use.

The company is already accepting sign-ups from both domestic and commercial customers across Northern Ireland. According to its website, the profit-sharing scheme will provide customers with an annual dividend, with long-term customers receiving larger pay outs. However, the company acknowledges that this payment is contingent on profitability, which is “unlikely” in the first year.

“As a local company owned by local people with extensive experience in the electricity sector, our goal is to create a fairer energy market for customers,” Wilson said. “The overwhelming response to our approach underscores the demand for affordable electricity from a company that truly prioritizes its customers.”

Power to Switch NI, an energy price comparison service, commented, “The launch of Share Energy brings increased choice and competition to the market, which is beneficial for consumers.”

Share Energy’s other directors include Jonathan Barr and Colm McClean.