Millions of households will see energy bills rise from July under the new price cap, but Octopus Energy is taking action to offset the increase. The energy provider has saved customers £166 million since the last energy crisis by consistently pricing below the cap, and it plans to continue undercutting the official limit.
Fixed Tariff Guarantees Savings
Octopus's Fixed tariff customers are set to save £82 a year compared to the July cap. Priced at £1,780, the tariff locks in guaranteed rates for 12 months, providing budget certainty and protecting homes from potential autumn and winter price hikes.
Tracker and Agile Tariffs Offer Greater Savings
Octopus Tracker, the UK's first tariff directly linked to wholesale energy prices, updates rates daily based on independently published market prices. Over the past 12 months, customers saved an average of £148 on their energy bills compared to Octopus's standard variable tariff (SVT).
Agile Octopus takes this further by updating rates every 30 minutes in line with wholesale rates, rewarding customers for using energy when the grid is full of green electrons. Agile customers saved an average of £437 over the past 12 months compared to Octopus's SVT.
Octo Assist Hardship Fund Expands
Octopus's Octo Assist hardship fund, currently standing at £40 million, has supported over 110,000 customers. Measures include 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.
Greg Jackson, Founder and 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."
