One of the UK’s biggest EV charging providers has announced a reduction to its prices in response to the ongoing-cost-of-living crisis.
Osprey Charging says it will be cutting its prices to 79p per kilowatt hour (kWh) thanks to help from the Government’s Energy Bill Relief Scheme.
The change will come into effect on November 1, after the firm was previously forced to up prices up to a maximum of £1 per kWh due to the rising cost of energy.
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 £50m 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 comprises several aspects including the cost of electricity, the cost of installing infrastructure and the operation and maintenance of the charging network. There is also a 20 per cent VAT applied to public charging.
In addition, energy suppliers 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.