An update on the energy price cap, February 2021
We've heard from many customers today who are concerned about energy regulatory Ofgem raising the Energy Price Cap by £96, and wondering what it means for their bills.
Let me start by saying this: we set our prices below the price cap.
Ever since its introduction in 2019 our standard prices have been set well below this Government mandated maximum, and we have no intention to pass this increase on to our customers.
Part of the reasoning for the increase is to preemptively increase prices to cover customer debts due to the Covid-19 pandemic. Again, we don’t think this is fair to customers, and have no plans to follow suit.
Since our early days, we’ve made it clear we price our energy fairly for all customers – we take the cost of the energy we supply to you and add a small margin to cover the costs of running our business. That is just as true today as it was when we first set out.
To be clear - we continually review prices, and increase or decrease them as our costs (such as wholesale energy trading), change. We will adjust prices if and when necessary but we will continue to hold off on raising prices for as long as we can, and continue to pass on cuts as swiftly as possible.
Greg, our founder and CEO, spoke to BBC Breakfast this morning about exactly this topic – you can catch his interview here.
(And just finally, if you have friends and family who are still paying price-cap level energy bills, there’s never been a better time to share your personal link and split £100 credit with anyone who signs up with it (you can find it in your online account.)
Hey I'm Constantine, welcome to Octopus Energy!×Close window