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The island infamous for its incredibly high electricity prices will see a substantial drop in its price per unit from the 1 August.
People in Sark have historically had to deal with consistent price hikes over the past few years, culminating in the most recent price of 53p per unit.
That figure will drop to 44p per unit from the 1 August after Sark Electricity Limited (SEL) agreed a new price control mechanism with the Sark Electricity Price Control Commissioner (The OPC).
The Managing Director of SEL, Alan Witney-Price, said: “While lower fuel prices and increased unit sales have had a significant impact. It is primarily as a result of the constructive engagement of the new Price Commissioner, Mr Shane Lynch, that SEL is now able to focus on its operational, rather than legal, needs and this is paying huge dividends for our local customers.
“I am delighted to now be in a position to start delivering on my original vision for the company that I laid out when I purchased the business back in 2020. At a time when energy costs all around the globe are rising, SEL is delivering the lowest unit price for residents in decades and we are aiming lower.”
Mr Witney-Price says he is still aiming to reduce the cost down to 37p per unit.
“Now being able to focus on the day to day business has enabled us to make operational savings which have already had a significant impact on the unit price. Further, having confidence in the new Commissioner’s rigid application of the Law will now open the door to investment that has been on hold for too many years due to painful legal wranglings,” he said.
“With two pieces of the puzzle in place I remain hopeful that we could see a period of engagement and permissions from Chief Pleas. This would enable us to move ahead with necessary changes to infrastructure, reconnect outlying residents and deliver an energy future that provides security and stability for years to come.”
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