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Highlights
- As per RAC, the cost of charging a number of EV models would potentially double up with the energy price cap hike due in October.
- UK energy regulator Ofgem is expected to raise the price cap from 1 October.
- From 1 October, there would be an increase of 84% in the cost of fully charging a typical family-sized electric SUV, compared to the full charge cost under the existing cap.
Amid the ongoing energy crisis, the rising prices have lifted the cost of operating EVs above gas-powered cars. As per automotive group RAC, the cost of charging several EV models would potentially double with the energy price cap hike due in October. UK energy regulator Ofgem is expected to raise the price cap from 1 October. Any rise in energy prices is expected to affect EV vehicles as well.
While in recent weeks, petrol prices have dropped and now stand at around £1.70 per litre, it is expected that from 1 October, the standard electricity tariff will go up to £0.52 kWh from £0.28 kWh.
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According to RAC spokesperson Rod Dennis, the increase in energy price caps would influence the drivers, particularly the ones who charge their electric vehicles at their homes. From 1 October, there would be an increase of 84% in the cost of fully setting up a typical family-sized electric SUV, compared to the full charge cost under the existing cap.
The public charge point operators would also have to increase the prices in line with the rising wholesale costs, which would impact drivers who are not equipped with charging infrastructure at their homes. While charging costs are set to go up, UK investors can keep an eye on the following EV-related stocks.
Ceres Power Holdings plc (LON: CWR)
The market cap of Ceres Power Holdings plc stood at £1,174.33 million as of 2 September. CWR shares were trading at GBX 604.60, plunging by 1.37%, at around 10:00 AM (GMT+1) on Friday. With an EPS (earning per share) of -0.09, the AIM-listed company's turnover (on the book) currently stands at £138,610.56. The returns of Ceres Power Holdings on both a YTD and one-year basis stand in the negative zone at -50.20% and -39.33%, respectively.
AFC Energy Plc (LON: AFC)
The company's market cap that builds alkaline fuel cells used in EV chargers, AFC Energy plc, stands at £195.72m as of 2 September. AFC shares were trading at GBX 26.64, surging by 0.08%, at around 10:10 AM (GMT+1) on Friday. With an EPS of -0.01, the AIM-listed company's turnover (on the book) currently stands at £28,687.72. AFC Energy's one-year and YTD returns stood at -56.11% and -45.96%, respectively.
AMTE Power plc (LON: AMTE)
The market cap of the company that develops Lithium-ion and sodium-ion battery cells which are deployable in EVs, AMTE Power plc, stands at £29.25m as of 2 September. AMTE shares were trading at GBX 76.00, tumbling by 8.43%, at around 10:15 AM (GMT+1) on Friday. The AIM-listed company has an EPS of -0.13. AMTE’s one-year and YTD returns stood at -56.11% and -45.96%, respectively.
