Osprey EV charging costs cut: why network is cutting prices weeks after £1/kWh hike

Public chargpoint operator announces 21p reduction in wake of Energy Bill Relief scheme

EV chargepoint operator Osprey will cut its charging prices from today, six weeks after becoming the first network to hike its charges to £1 per kWh.

Osprey said that in the wake of the government’s Energy Bill Relief Scheme it would reduce costs at its ultra-rapid devices by 21% to 79p per kWh.

In September Osprey became the UK’s most expensive charging network after raising its prices from 66p to £1 per kWh. At the time CEO Ian Johnston said the firm had been left with no choice in the face of spiralling wholesale electricity prices and vowed to reduce charges when details of the relief scheme were confirmed.

Mr Johnston 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.”

Two weeks ago, Osprey’s rival Shell Recharge announced it was also increasing its charging rates across its fast, rapid and ultra-rapid units. Osprey’s move means that Shell Recharge is now the country’s most expensive network, with ultra-rapid prices of 85p per kWh.

The news comes as new figures from charging mapping service Zap-Map showed that average EV charging prices have jumped by 14% in the last three months. Its data from more than 500,000 charge sessions revealed that prices at slow or fast chargers (up to 22kW) rose from 34p/kWh to 39p/kWh between June and September while rapid and ultra-rapid (above 22kW) went up from 49p/kWh to an average of 56p/kWh. The Zap-Map data was collated before the latest changes by Osprey and Shell.

The price that EV drivers pay at the charger is comprised of several aspects including: the cost of electricity, the cost of installing infrastructure, the operation and maintenance of the charging network, as well as VAT at 20% for public charging. Energy suppliers also 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.