Electric car charging provider Osprey has reduced the price of its rapid EV network, a decision which comes just two months after the company put its prices up.
Thanks to the government’s new Energy Bill Relief Scheme, Osprey has now reduced the price of its network to 79p/pkWh.
In August, Osprey increased the price p/kWh to £1, making the firm the UK’s most expensive public charging provider ahead of Ionity, which charges 69p/pkWh.
Osprey blamed the increase in the wholesale price of electricity as the reason for its hike in charging costs. In an online video, Osprey CEO, Ian Johnston, said that the circumstances surrounding the previous price increase were “extraordinary”, adding that the firm had “no choice”, but to put the price p/kWh up.
When using a public charging device, the price an EV driver pays is: the cost of electricity, the cost of installing infrastructure, the operation and maintenance of the network and 20% VAT on top.
The Energy Bill Relief Scheme, which subsidises the wholesale cost of electricity for energy suppliers, has allowed Osprey to reduce its prices, although the charging fee remains higher than in July when the cost was 66p/pkWh.
Osprey added that the price p/kWh was not a fixed or capped unit rate for businesses, citing that the price was still calculated by the energy supplier and factors in wholesale electricity markets.
Over the next two years, Osprey plans to invest more than £50 million expanding its UK public charging network. The company already has around 350 public charging stations in more than 200 locations across the UK.
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