Tracker's back: Octopus Energy relaunches ‘Tracker’ tariff to follow wholesale prices
- Smart tariff ‘Octopus Tracker’ to allow customers to access wholesale prices
- Product due to go live 1st July, with customers getting day-ahead prices connected to the market
- Tracker tariff designed for those who can shift large amounts of their energy use out of expensive days
London, 25th May 2023 - Energy and technology group Octopus Energy has today reopened its wholesale price smart tariff, ‘Octopus Tracker’, just as energy prices are coming down.
‘Octopus Tracker’ is a fully transparent tariff that passes on wholesale market rates to customers, which means their price for energy can change each day.
Customers will benefit from seeing how the current day's energy price compares to a standard variable tariff (SVT), empowering them to adjust their consumption during peak and off-peak days.
By matching energy consumption with lower-priced periods, customers can significantly reduce their energy bills. Over the last year, an average household on ‘Octopus Tracker’ would have saved 4% compared to the new price cap of £2,074 also coming into effect on 1st July 2023, but prices can rise as well as fall.
While customers signing up to the tariff should be prepared for wholesale prices to rise later in the year as demand grows, there is a maximum cap on ‘Octopus Tracker’ prices at 100p/kWh for electricity and 30p/kWh for gas.
Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy Group, comments: “The energy market is changing rapidly, and we believe it's essential for consumers to have the tools to harness this change for their benefit. We’re glad we can bring our popular Tracker product back to the market, allowing customers to become an active part of the future energy system once more.
“By creating a transparent tariff that allows customers to access wholesale rates and plan their energy consumption accordingly, we’re empowering customers to become actively and directly involved with the energy market, and see how prices rise and fall.”
Octopus Tracker is designed for households who are able to shift large amounts of their energy use to avoid any expensive peaks. The product has been closed to sign ups to protect consumers from a period of huge wholesale prices, but has reopened now that prices have been mediated.
Places are limited - customers can register their interest to join the product and will be added to the waiting list, with the product due to open on 1st July 2023. The product has no exit fees but customers choosing tracker should consider whether it is right for them to commit to.
Once switching away from Tracker, customers cannot sign up to it again for another nine months.
To learn more about the Octopus Tracker visit https://octopus.energy/smart/tracker/
Notes to editors
Octopus Energy Press office
About Octopus Energy Group
Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 14 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.
Octopus serves 5.3 million customers through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 30 million customer accounts worldwide through licensing deals with energy companies, including 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.
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