Octopus Energy says it will become the first major UK supplier to guarantee the change
Octopus Energy has made a significant announcement to all customers on variable or fixed tariffs. Octopus Energy has contacted customers confirming it will pass on Labour Party Autumn Budget savings directly to customers – automatically.
The firm states that all variable and fixed tariffs will be slashed from April 1 to mirror policy amendments, and customers needn’t take any action – as the alterations will be automatically implemented. Octopus says it is the first major energy provider to pledge these reductions will be applied automatically across all existing and new fixed and variable tariffs – customers don’t need to lift a finger, reports Birmingham Live.
Greg Jackson, CEO and Founder of Octopus Energy, said: “Octopus has long called for cuts in policy costs to help bring bills down, so we are delighted to see the government taking action. These changes will bring a welcome relief to customers, and we’ll pass them through on all of our tariffs as soon as they kick in, so no one misses out. Octopus customers can rest easy – we’ll do it all automatically. We hope other suppliers will follow our lead so everyone can benefit.”
In a message to customers, it revealed: “Ofgem (the energy regulator) announced a slight rise to the energy price cap from January the 1st (with gas unit rates falling but other prices rising). It’s a good time for gas prices to fall: this will save a typical home around £15 over the next few months between January and March
“We won’t pass on the full rise. Octopus prices will again be lower than other suppliers. Our standing charges will remain the cheapest standard tariff rates of any large supplier For most customers, we won’t change your monthly payments.
“If your payments cover your costs now we can usually keep them where they are. We continually check to ensure they are set to a sensible level for your usage, and will suggest changes if it looks like you’re paying too much or too little.”
The statement continued: “There’s a personalised breakdown for you in the PDF attached to this email. If your monthly payments already cover your costs, we won’t need to adjust them. We’ll continually check to ensure they are set to a sensible level for your usage, and will suggest changes if it looks like you’re paying too much or too little.”