Statement from Octopus Energy on talks with the Secretary of State

Octopus Energy met the Business Secretary over the weekend and joined his talks with industry this week to discuss developments in the energy market. A number of less prudently run or less well backed suppliers have folded with rising gas prices and some more are expected to follow. 

Global fossil gas prices are at an historic high, and Britain is over reliant on gas for its energy needs. The government’s Net Zero agenda addresses this, but we can move faster to both reduce household bills overnight and kickstart the process of reducing our reliance on gas by removing levies from electricity.
Customers should not worry. The government’s energy price cap is doing its job and protecting them against price spikes. The industry, including Octopus Energy, has worked closely with Ofgem and the government in the past when supplier failures have happened and there is a well-oiled process in place. Customers whose suppliers have been affected should stay where they are and wait for their new supplier to get in touch. 

As one of the largest, best backed, best run companies in the sector, we will do all we can to support consumers, government and Ofgem as they work through this.