25th November 2021
InstaVolt issues statement in response to unprecedented rise in wholesale energy prices – 25 November 2021
- InstaVolt announces increase in pricing from 40p/kWh to 45p/kWh, effective 1 December 2021
- The network has maintained its underlying price since 2017 despite a continued increase in wholesale energy costs during this period
Adrian Keen, CEO of InstaVolt said: “We are in a period of unprecedented increases in the wholesale price of energy that is affecting consumers and businesses nationwide, including InstaVolt. As a result of this I am announcing a price increase on the InstaVolt network from 40p per kWh to 45p per kWh, effective 1 December 2021.
Rising energy prices are being felt by all. A homeowner seeking a new energy supply deal today would be offered a tariff similar to public charging, demonstrating the price pressures being faced. Whilst we have put our prices up 5p, this does not reflect the full cost impact of wholesale prices more than doubling, and we have for now absorbed the difference whilst we await market price stability. As a responsible business we have hedged our forward power requirements to give us stability in the next twelve months as markets show little sign of settling over the winter.
Despite this, there hasn’t been a better time to own an EV, with the cost of driving an EV significantly below fossil fuels which have also recorded a 29% rise in forecourt prices over the last 12 months. We have grown our network of rapid chargers by almost 50% in the last twelve months, having invested £10m in the network during the current financial year, and plan to invest a further £19m in the next financial year as we work towards delivering 10,000 rapid chargers across the UK ready for the transition to net zero.
Finally, we continue to engage with Government at every opportunity to align the VAT on public and home charging, which discriminates against those who don’t have access to home charging. I wish to reiterate my commitment that if we succeed in reducing the public charging rate to 5%, the benefit will be passed back to consumers immediately.
I want to thank all our customers for their ongoing support. The future of zero emission transport is exciting and we’re delighted to be on this journey with you.”
The voice of the electric charging industry