Osprey Charging has announced that it is cutting the cost of charging an electric vehicle (EV) on its network two months after hiking its rates by 50%.

The spiralling cost of wholesale electricity had forced Osprey Charging to increase its rapid charging rate to £1 per kWh in September. 

The 50% hike, from its previous rate of 66p/kWh, made it the most expensive major charge point operator (CPO), surpassing the 69p/kWh charged by Ionity.

However, Osprey says that it will cut its rapid charging rate to 79p per kilowatt hour across its nationwide estate from (Tuesday) November 1, thanks to the Government’s Energy Bill Relief Scheme.

Ian Johnston, CEO of Osprey Charging 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."

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.

Bonnet reveals new price plan for EV drivers

Osprey’s price cut comes as EV charging aggregator Bonnet announces a new price plan from November 8, which will offer savings of 10%-15% from standard market rates for charging. 

For £2 per month, Bonnet says it will offer a 10% discount for drivers using any of its 80,000-plus chargers in the UK, Austria, Belgium, France, Germany, Italy, Luxembourg, Netherlands, Spain, Sweden and Switzerland under its ‘Light Boost’ payment plan.

For a subscription of £8 per month, Bonnet will give drivers a 15% discount on all their charging costs under its ‘Turbo Boost’ package.

Patrick Reich, co-founder and CEO of Bonnet, said: “With our new simpler price plan, whether you are taking it slow on a lamp-post charger or juicing up quick at a service station, you will make significant guaranteed savings with Bonnet.

“The current turmoil in global energy markets makes this even more important than ever.”

The app’s pay-as-you-go rate will change to align with the tariffs set by individual charging networks on its app. This is different from its previous cap of 50p/kWh.

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