Octopus Energy keeps prices below the cap as energy bills rise again – and calls on government to slash unnecessary costs
Millions of homes will see energy bills rise from July under the new price cap
Octopus has saved customers £166m since the last energy crisis by consistently pricing below the cap, and plans to continue undercutting it
Octopus’ fixed tariff customers to save £82 a year compared to the July cap
£40m Octo Assist fund available for customers struggling with energy costs
System costs for electricity – set by the regulator – have risen £50 already this year and are due to rise a further £100 or more by 2030. Octopus calls on the government to urgently implement a lower cost approach to the energy transition
London, 27th May 2026 – Following today’s announcement from Ofgem that the energy price cap will rise by £221 a year from July – an increase of 13% – Octopus Energy is reaffirming its commitment to keeping energy bills as low as possible for households.
While the price cap sets the maximum rate suppliers can charge for standard variable tariffs (SVT), Octopus Energy has consistently priced its SVT, Flexible Octopus, below the price cap – saving customers £166 million since the last energy crisis.
Customers looking to beat the price cap can switch to several bill-slashing tariffs today:
Octopus Fixed – For households looking for long-term budget certainty, the Octopus Fixed tariff locks in guaranteed rates for 12 months that sit safely below the new price cap, protecting homes from potential autumn and winter price hikes. The tariff is currently priced at £1,780, saving customers around £82 a year compared to the July price cap*.
Octopus Tracker – Octopus Tracker is the UK’s first tariff directly linked to wholesale energy prices. Rates are updated daily based on independently published market prices – so when wholesale prices drop, so do customers' bills. Over the past 12 months, customers saved an average of £148 on their energy bills compared to Octopus’ SVT.
Agile Octopus – Taking Octopus Tracker to the next level, Agile Octopus updates rates every 30 minutes in line with wholesale rates. The tariff rewards customers for using more energy when the grid is full of green electrons, and less when the grid is at its dirtiest. Over the past 12 months, customers saved an average of £437 on their energy bills compared to Octopus’ SVT.
Octopus’s Octo Assist hardship fund is available to help customers who are struggling with their bills, and currently stands at £40 million. The fund is tailored to meet individual needs and customers can apply for assistance year-round by contacting Octopus or filling out a simple form.
So far, Octo Assist has supported over 110,000 customers through measures such as standing charge holidays, debt write-offs, and a “you pay, we pay” scheme – where Octopus matches extra payments by customers in debt to help reduce what they owe faster.
Octopus is urging anyone worried about their energy bills to get in touch as soon as possible. Dedicated customer care teams are on hand to help customers find the right support for them to manage their bills.
Customers can access support through the Octopus app, online, or by speaking directly with specialist support teams at 0808 164 1088.
Greg Jackson, Founder & CEO of Octopus Energy Group, said: "We’re working hard to keep bills as low as possible – pricing below the cap, offering cheaper fixed and smart tariffs, and expanding support for those who need it most.
“But Octopus can only do so much. We desperately need big decisions from the government to reduce the impact of global gas prices and slash the cost of electricity. Tweaks are not enough, and British families and businesses will continue to suffer until the market is overhauled.”
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Notes to editors:
* The current Octopus 12M Fixed tariff has exit fees of £50 per fuel.
Press Contacts
Octopus Energy Group
press@octoenergy.com
+44 (0)20 4530 8369
About Octopus Energy
Octopus Energy is a global clean energy and technology 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 11 million households globally.
The company is driving the electrification of heat and transport through smart tariffs and innovative clean tech, with operations spanning 27 countries and the entire energy value chain. It operates a £8 billion renewables portfolio as well as thriving EV leasing, heat pump, and solar businesses.
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.