Its boss David Gordon-Brown has written to customers to tell them they will pay 85p per unit, up 19p, which compares to the approximate cost in Guernsey of 19p per kWh.
The company has been in talks with Chief Pleas about the government buying the business since it threatened to turn the lights off in November.
That followed a row with the price commissioner which had ordered the firm to drop the unit price to 52p and sparked legal action.
Mr Gordon-Brown said in the first six months of this year it had lost 13.5p per unit.
'This is partly caused by the drop in consumption, but largely caused by over £10,000 per month of legal costs caused by having to deal with the Price Regulation legislation,' he said.
He has to ask legal experts in Guernsey to review and offer advice on everything, he said.
'We simply cannot risk another situation like last year which, between Chief Pleas and the company, has cost the island over half a million pounds. The company stays afloat only because the shareholders injected over £60,000 into the company in this period and are continuing to loan us over £12,000 per month. As many of my customers are much richer that my shareholders, we cannot continue this “Reversed Robin Hood” situation any longer, so effective with the beginning of this month I have to raising the price of
electricity by 13.5p to let us break even, and a further 5.5p to try to recapture some of the losses from earlier
this year.'
He said that this price is 'clearly ridiculous' and will be very painful for many.
'So I am going to call a “Town Hall” meeting when I get back to Sark to discuss the entire situation and let everyone have their say. Hopefully, this will take place in November, and we will invite everyone, from the Policy and Finance committee to those proposing Renewable energy to come and have their say. Everyone will have an equal chance to make their points.'
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