Osprey has become the first UK charge point provider to announce a reduction in prices. The firm has emailed customers to confirm that it will reduce the price per kWh from the current £1 to 79p. 

In a statement, Osprey boss Ian Johnston said; “I am pleased to announce that Osprey will be reducing the price for our rapid EV charging network, to 79p/kWh, effective from 1st November 2022. We are passing on a saving enabled by the Government’s Energy Bill Relief Scheme.”

Johnston went on to explain the reasons behind Osprey’s decision and highlighted the considerable pricing pressures that all charge point providers are under. Using figures generated by energy market analysts Cornwall Insight, Johnston revealed the breakdown of operating costs that all providers are currently facing. 

“As has been widely reported, the unprecedented electricity wholesale prices in 2022 have driven up the cost of electricity sold to businesses, such as Osprey, by their energy suppliers (at times by over 600%).” explained Johnston. He went to explain that the price that customers pay at the charger is comprised of the cost of electricity, the cost of installing infrastructure, the operation and maintenance of the charging network, plus 20% VAT on top. While Osprey’s non-power costs have remained stable since 2019, the price it is charged for electricity is nearly four times higher than it was. 

Johnston explained that the Government’s Energy Bill Relief Scheme for businesses is considerably more complex than the one for domestic customers and that there are still variables that mean a so-called price cap is not guaranteed. Despite the challenges, Osprey will still invest more than £50 million expanding its network over the next two years. 

The price changes will come into effect from 1 November.

Osprey has revealed the cost breakdown for chargers, highlighting the huge spike in energy costs