Octopus Energy pledges not to bar loyal customers from best deals, in response to Ofgem proposals

• Ofgem has proposed allowing companies to hide or even bar their best deals from loyal customers
• Octopus disagrees and pledges that its best and lowest tariffs will be available to existing customers, not just new ones
• Calls for Ofgem not to encourage 'tease and squeeze' deals, which unfairly charge loyal customers more, and added £3bn to bills when 30+ companies collapsed
• Octopus commits to fair pricing for all customers and calls for a market focused on innovation, customer service, and efficiency, rather than ripping customers off with Del Boy pricing practices

London, 6th June 2024 - Octopus Energy is putting its money where its mouth is and pledging that it won’t bar its best deals from existing customers.

The ‘Same Price Promise’ comes in response to electricity regulator Ofgem considering the return of much hated ‘tease and squeeze’ deals, where a new customer initially pays lower for the first year of their tariff, and then falls onto a more expensive standard variable tariff (SVT). These cut price deals are subsidised by loyal customers who pay a higher price.

In 2022, Ofgem banned the practice of hiding or barring companies’ best deals from loyal customers but now they’re thinking of reintroducing the despised practice.

In a survey run by YouGov*, 9 out of 10 (89%) respondents agreed that energy suppliers should offer the exact same deals to both new and existing customers.* An Octopus Energy survey revealed** that people even prefer wasps, moaners and wet, rainy summers over ‘new customer-only’ tariffs.

These dodgy deals are not only bad for loyal customers, they were a key reason 30 companies went bust – adding £3 billion to everyone’s energy bills.

Greg Jackson, Founder of Octopus Energy Group, said: “It’s totally unfair to block loyal customers from the best deals. So regardless of being a new or long term customer, our pledge is to offer Octopus customers access to the same best deals however long they’ve been with us.

“Energy doesn’t need Del Boy deals, and hide and seek pricing. It needs fair and transparent tariffs, with the energy price cap to protect everyone.

“The latest data from Electralink shows switching returning to pre-crisis levels, illustrating that customers are confident to find the best companies and energy tariffs for them.”

-ENDS-

Notes to editors

* All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2011 adults. Fieldwork was undertaken between 16th - 17th May 2024. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

** These figures are from an Octopus Energy survey carried out on Friday 17th May 2024. Total sample size was 1600 adults. The survey was carried out online.

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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 7.8 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.