Why we support the government's price cap proposals
9th May 2017
We're fully behind the Prime Minister's plans for a price cap on energy prices.
It's time customers got a better deal on their energy.
No more excuses.
No more empty promises and quick fixes.
The proposed price cap will help save customers millions, and force the Big Six to quit exploiting their customers or risk collapse as those seeking a fairer deal leave for other suppliers.
Our founder had this to say:
“Octopus Energy welcomes the Prime Minister's pledge to introduce an energy price cap. For too long, the Big Six have been using every trick in the book to overcharge 17 million households, with customers throughout the UK overpaying to subsidise the inefficiency of these bloated giants.
"We support a relative price cap for all households and businesses that creates an energy market that works for all consumers by promoting fairness and competition. A government shakeup will turbocharge competition for everyone's benefit.
"Although we prefer a relative cap, we welcome the Government's pledge to cap energy prices for millions of households.
"This policy would reduce the incentive on energy companies to provide misleading prices, and end the practice of large suppliers overcharging customers to subsidise their own inefficiency.
"Our analysis demonstrates that this would generate a dynamic market, providing intense competition and driving down prices for everyone.
"We should celebrate the death of the failed model of loss-leading prices for new customers and eye-watering tariffs for loyal ones."
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