Since the opening up of Northern Ireland’s energy market more than a decade ago, competition began to enter the market.
There are now a host of different providers to choose from – across both residential and business.
During that time period the largest market share still remains with Power NI – with around 60% of households here.
Damian Wilson and his co-founders, however, are entering the market with a different proposition. At its core, Share Energy says it’s aiming to give back a 50% profits share to its customers, based on their own energy usage.
“[As an example] a small user might get £40 back while for a large user it could be a couple of thousands of pounds,” he tells me. “That’s either credit on the meter, or in cash.”
The Derry man says its intention is to make a few waves in the energy market here. “We are locally-owned and managed and want to [deliver] a fair price for all, and give something back,” he says. “Competitive prices, a share of the profits, and excellent customer service and product.”
Share Energy has entered with a low standard rate – Damian says it’s not looking at low-cost introductory rates, but focusing on overall pricing.
“[The market] is all very vanilla,” he says. “What would make you want to switch away from your provider? Price can only take you so far. We are looking to reward loyal, and new customers.”
The firm is owned by three investors with more than 50 years working across supply and generation.
“We aren’t tying people into a contract – if you don’t like it, you can leave. We will be disappointed, but hopefully you come back.
“We are happy to take a bit less on margin. We run quite a lean operation.”
Damian says the firm has been 18 months in the making – going through the requisite regulatory processes along the way.
“There’s the right market entry process and licence requirements before they let you near the market,” he says.
His CV counts Click Energy and Budget Energy among his recent workplaces, with a background in computer science, before moving into IT and telecoms.
Turning to business customers, Damian says the offering is “very bespoke”.
“We look at each of the needs and then tailor,” he says. “They can also benefit from the profits share. It’s looking at an alternative [offering].”
On that profits share, he said domestic and business users would receive 50% of any profits made – based on their own usage.
On green power, Damian says it “will grow with the business”.
“We have some green energy on the books and will continue to develop and grow that. It’s not something you can start on day one – it depends on customers, numbers, and meeting generation requirements.”
In terms of where he wants the company to end up, he says there’s no firm target but “we want to grow the business and make it a success and make sure people are getting money back”.
“The more customers we get, the more we can share,” he says. “Electricity is not a luxury – it’s a necessity. Growing and bringing as many customers on board will help the success of the company.”
On that green energy front, Damian says there are too many blockers along the way in order to help grow the volume of renewable energy schemes here.
Earlier this year Ulster Business revealed that around 50 new wind or solar schemes must be shovel ready by 2026, otherwise Northern Ireland will not hit its key green power targets as it faces a “crisis point”.
The local renewables sector is calling for “urgent action” to expedite planning applications and appeals to get enough wind, solar and battery developments operating to meet the ambitious 80% green electricity generation target by 2030.
It comes as planning decisions here are taking longer on average across our councils, while the appeals process is slowing amid what it claims are “significant resourcing pressures”.
“To me, personally, it’s a bit disjointed,” Damian says. “There’s the great inspiration of 2030, but no one has worked it back to see what we need to do.”
And he says, with the ending of the subsidies and schemes to help drive investment, there needs to be a reintroduction of incentives to get developers interested.
“[It’s about] getting everyone around the table – if we need to build 50 wind farms, then get it done. Stormont slows everything down. The private sector likes to get up and go, and do. There needs to be regulation… but this can have such a dramatic impact, and there should be high priority.
“The delivery is failing – technology has moved on so much. Targets should be achievable, the closer you get… but they aren’t.”