The maximum unit price that Sark Electricity Limited (“SEL”) can charge for electricity will reduce from 44p/unit to 40 p/unit from the 1st September 2023.
This price reduction is because of the monthly correction mechanism in the price control, which has been in place since 1st April 2023. This mechanism compares actual fuel prices and demand to what was forecast in the price control and, once a certain threshold is reached, a change to the maximum unit price is triggered. In this case, the reduction in the maximum unit price to 40 p/unit results from a fall in average fuel prices of 9% for July 2023 compared to forecast, and an increase in average demand of 15% for July 2023 compared to forecast.
The monthly connection fee will remain capped at £10/meter and the monthly standby charge for own-generators will remain capped at £5/KW of installed capacity.
Please note that, under the price control mechanism, electricity prices in future months could increase again for several reasons, including a drop in demand compared to forecast, an increase in fuel prices compared to forecast, or if SEL proposes capital expenditure which I approve.
Shane Lynch
Electricity Price Commissioner
©2024 Electricity Prices Control Commissioner, Sark, Channel Islands
