It will involve a significant investment and see it vie with incumbents including Electric Ireland, Energia and SSE Airtricity at a time when electricity prices remain significantly higher than a few years ago.
Launched last September in Northern Ireland, Share Energy has so far secured about 12,000 customers there, it said, most of them residential. The Northern Ireland market had 925,584 electricity connections at the end of 2024, with just under 849,000 of those being domestic.
Share Energy had 0.36pc of the electricity market share in terms of total connections at the end of 2024, according to data from the utility regulator in Northern Ireland. However, based on its current customer base, that figure is now about 1.4pc.
A spokesperson for Share Energy confirmed that the company is targeting a similar percentage of customers in the Republic within a year or so of starting operations here. That would see it recruit as many as 31,000 customers.
When it eventually becomes profitable, Share Energy says it will share 50pc of its profits with its customers. It also says it offers the cheapest standard unit rate for electricity in Northern Ireland.
The profits will be returned to customers by way of a credit on their accounts.
Share Energy was founded by its chief executive, Damian Wilson, as well as Jonny Barr and Colm McClean. All have been involved in the energy sector for a number of years.
“While we’re still in the early stages of our plans for the Republic of Ireland, we are laying the groundwork with the aim of entering the market in late 2026,” said Mr Wilson. “Our approach has been extremely well received in Northern Ireland, where we are now the fastest-growing energy provider.”
As of the end of 2024, Northern Ireland had seven active domestic electricity suppliers and nine that also provided services to commercial customers.
In the final quarter of 2024, about 25,000 customers switched electricity supplier in Northern Ireland, with Budget Energy securing 3,600 and Electric Ireland losing 5,600. Electric Ireland, owned by the ESB, announced last year that it was leaving the Northern Ireland retail market. It had 56,000 customers at the time.
As of the end of 2024, Power NI had just under 60pc of all electricity customers in Northern Ireland in terms of connections, while SSE Airtricity had 17.5pc and Budget Energy had 12pc.
In Ireland, the ESB’s Electric Ireland is the biggest domestic electricity provider, with a 52pc share of domestic customers at the end of 2023, according to the latest data from the Commission for the Regulation of Utilities (CRU) published last November. Second was Bord Gáis Energy, with 15pc, then SSE Airtricity with 11pc. Energia had 9pc and Yuno also had 9pc.
The latest data from the CRU shows that 33,768 electricity users switched supplier in February this year.
Last year, ESB Networks – which maintains Ireland’s electricity network – connected more than 37,000 additional homes and businesses.
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