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Osprey Announces Price Change

Osprey Rapid Charging Hub at Banbury Cross Retail Park

 

Osprey Charging Network will be rolling out a price increase starting from 17 March. Our price per-kWh will be 49p/kWh for all customers and payment types. The new price will be introduced as follows:

  • Customers who use their bank card to pay may see the new price from 17 March onwards, as it is rolled out across our charging points, with completion by 1 April.
  • Osprey App and roaming card customers will see the new price applied to charging sessions made from 1 April.

Why is this happening?

The rising cost of energy is an inescapable reality for all of us. The root causes of the crisis, and its outlook, have been widely covered in the UK press, and consumers and businesses are now feeling the impact acutely. Octopus Energy, who supply the electricity for Osprey chargers, report that the cost of energy they’re buying on the global markets is three times higher than it was a year ago.

This impacts the cost of electricity we buy to supply to drivers using our network. Our electricity cost is due to make up over 65% of our kWh price, and over the past 12 months the wholesale cost of electricity has more than doubled. Whilst we are absorbing some of the squeeze on our margin going forward, increasing our price allows us to continue to develop, build and operate our rapid charging network despite these unprecedented market forces.

In addition, as announced just last summer, we have commenced our £75m investment programme into the delivery of high-power charging hubs, to ensure that we exceed drivers’ expectations for charger availability and speed. These sites require greater power infrastructure and typically cost up to ten times more than a small site.

We are committed to investing in these high-quality new hubs like Banbury Cross and Purley Way in Croydon, as well as upgrading existing sites with the latest technology, to deliver charging rates of 75-175kW for our customers.

Finally, we join other charging networks in supporting the reduction of the VAT rate for public charging from 20%, to match the home tariff VAT of 5%. This could be passed on to customers, in particular, to help even out the inequality between home and public charging prices.

We acknowledge and appreciate that it is a difficult time. Thank you for your continued support and we look forward to the journey ahead with you.


Ian Johnston
CEO
Osprey Charging Network