Fuel Poverty Awareness Day: Octopus Energy’s help for customers in need

• Only big supplier to keep prices below the price cap, saving customers £100m a year
• Other short-term support includes £30m financial hardship fund and free electric blankets for those in need
• Calls for energy market reform via locational pricing to bring bills down in the long run

London, 27th November 2024 - Octopus Energy has marked Fuel Poverty Awareness Day by reminding customers struggling with rising energy bills that support is available.

A £30 million ‘Octo Assist’ fund offers targeted support, including extra help for pensioners hit by Winter Fuel Payments cuts. So far, the fund has supported over 85,000 vulnerable customers.

The company has also set up a team of social workers who help pension-age customers claim extra government support they are entitled to, leading to up to thousands extra per year for some.

Other Octopus tools and schemes for customers to reduce energy costs include:

• Free Electric Blankets: Over 65,000 electric blankets have already been distributed for free to vulnerable customers, with 20,000 more available this winter. Octopus research shows that electric blankets can slash annual heating costs by £300 on average.
• Heat Loss Cameras: Octopus is lending thermal imaging cameras for free to help customers spot draughts in winter and implement easy fixes to reduce energy consumption. Thousands of cameras have been lent to customers over the past years.
• Energy Helpers: Octopus is offering in-person home visits again this winter, giving customers bespoke practical energy-saving advice. Over 300,000 homes have already benefited from this scheme.
• Free Electricity Sessions: New this year, Octopus customers can enjoy free power when wholesale electricity prices plummet, helping them lower their bills while supporting a greener energy system.

Octopus Energy is the only big energy supplier to consistently price below the price cap, saving customers over £100m a year.

The company is also offering variable recurring payments (VRPs), such as direct debits, and is calling on other suppliers to do the same. These allow customers to spread their energy costs into smaller, more manageable payments, which can save low-income households who currently pay on receipt of bill up to £112 annually*.

While these short-term measures can offer some bill relief, Octopus is also campaigning to change the rules of the UK energy market to bring energy bills down once and for all. Electricity from renewables is typically 2-3 times cheaper than gas**, but the outdated rules in our energy system mean customers don’t see the benefits.

By introducing regional prices rather than keeping a single national rate, energy costs would fall for all households. Last year alone, customers would have saved £2 billion if the UK had introduced regional prices – translating to savings of up to £90 per household.

Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy, explains: "We know many customers are struggling with their energy bills this winter, and we urge anyone in need to get in touch. There’s help available.

“It’s become abundantly clear that our energy system is broken. Bills are too high, and the benefits of green energy aren’t reaching consumers. To truly lower costs for everyone, we need to change the rules of the market and enable regional pricing. Otherwise, the costs of our inefficient energy system will just keep piling up."

Octopus Energy customers who are struggling with their bills should get in touch via email at hello@octopus.energy or by calling Octopus at 0808 164 1088.

-ENDS-

Notes to editors:

* Think tank Fair By Design found those paying for energy on receipt of the bill can face an additional £112 annually, whereas those paying by Variable Recurring Payments (VRPs) like variable direct debits saved and found they were also able to cut their payments into more manageable chunks.

**Department for Energy Security And Net Zero, Electricity Generation Costs 2023

Press Contacts

Octopus Energy Group

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About Octopus Energy Group

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 9 million households globally. Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects.

Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy. Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide. For more information, check out our website.