Energy price cutEthical Energy & Climate News & Features
Renewable energy supplier Octopus Energy is bringing Christmas cheer to over a quarter of a million homes by announcing a price cut for the New Year.
Hundreds of thousands of customers on variable tariffs with the Octopus Energy Group, including Co-Op Energy and Affect Energy, will see their bills fall from 15 January 2020, with the average household seeing an annual saving of £80.
Co-Op Energy customers on standard variable tariffs will see their energy prices plummet within weeks of being supplied by Octopus, saving them an average £160 a year on their gas and electricity bills.
‘We’ve invested heavily in technology to enable us to deliver long-term low prices. Whilst other companies gleefully set prices close to the price cap level, we cut prices for new, loyal and acquired customers alike.
‘You can always get a cheaper deal by spending precious time finding a loss-making tariff from a ‘tease and squeeze’ supplier, but their loyalty penalty means there’s usually a sting in the tail. Octopus chooses to cut prices for loyal customers as well as new ones.
‘And we’re not compromising on renewables either: we still supply green electricity, and more importantly are driving change to make the whole system greener.’
CEO of Octopus Energy Group
This is the second price drop in a row for customers on Octopus’s flexible tariff, continuing Octopus Energy’s long-term commitment to fair pricing.
Octopus campaigned hard for the introduction of the price cap earlier this year, helping to protect the UK’s most vulnerable customers from unfair pricing.
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The price cut will come into effect from midnight on 15 January for customers on standard variable tariffs.
Following the price cut, customers on standard variable tariffs will pay on average £169 below the price cap. This price drop equates to a saving of £21,000,000 over the next year for Octopus Energy customers.
Octopus Energy launched to the public in April 2016. It supplies 100% renewable electricity and gas to almost 1.24 million homes in the UK, Germany and Australia.
Octopus Energy is the only Which? Recommended energy supplier for a second year in a row; it has been named the company that has done most to advance renewables in Britain and was voted the UK’s best company to work for.
Founded by e-commerce entrepreneurs, Octopus Energy’s starting point is different from that of other suppliers; its aim is to redefine what is possible for consumers and the system by using technology and data to deliver the best products and experience.
Octopus Energy is backed by Octopus Group, a financial services and energy firm which manages more than £8.6bn of funds.
Octopus has invested more than £2.7bn in renewable assets across Europe, while its ventures arm has backed UK success stories like Zoopla, Depop, Secret Escapes and SwiftKey.