Variable business rates November 2023

New rates (from 1st November 2023)

These are the electricity rates for non half-hourly businesses on our variable Flexible Octopus tariff. All rates are changing on 1st November 2023.

This price sheet contains all new rates, arranged by GSP and consumption band.

Consumption bands are calculated based on Estimated Annual Consumption (EAC) as of 29th September 2023. For an indication of your current EAC, please check your most recent energy bill.

Changes explained

The wholesale price of energy is still decreasing steadily from the peak of the energy crisis 12 months ago, and we always pass on these savings to our customers as quickly as we can. That’s why our unit rates will be decreasing with this price change.

At the same time, we all pay towards keeping the UK’s energy network up and running. These contributions come out of unit rates and standing charges. Last year, Ofgem released the ‘Targeted Charging Review’ (TCR).

The TCR changed the way in which these costs are recovered. This resulted in a shift in costs away from the unit rate and into the standing charge, with businesses being allocated to a consumption band based on their usage.

We have reflected these TCR changes in our Flexible Octopus tariff in the following ways:

1. Electricity standing charges are increasing for all of our business customers
2. We are introducing consumption bands, meaning that standing charges will vary based on your annual consumption.

Since April 2023, we’ve absorbed these additional costs for our Flexible Octopus customers, but now need to make this change to ensure that we’re covering all costs from the grid.

To find out more, check out our TCR blog.