Martin Lewis says Octopus customers getting £676 amid Cost of Living crisis

James Rodger
·2-min read

Martin Lewis has told how Octopus Energy customers are getting £676 off their bills amid the Cost of Living crisis. Mr Lewis spoke out on his BBC Sounds podcast episode, saying a tariff Octopus boasts right now is causing bills to be cut by £676.

"Octopus has two tariffs that can be substantially cheaper - its tariff can be cheap but its agile tariff changes half hourly and can be really cheaper and really good," Mr Lewis said on this week's episode. The ITV star went on: "People on those tariffs have been 30 to 40 per cent less than the cap so they can be really sophisticated and cheap.

"You can move your heating to storage heaters at night. Now, let's go on to fixes - the cheapest available right now is the EDF one but it won't be around long and it's seven per cent less than average than the current price cap."

READ MORE UK set to see scorching May heatwave ended by 'final' blast of winter

Mr Lewis explained how the agile tariff works. Octopus explains: "Agile Octopus is one of our innovative beta smart tariffs, helping bring cheaper and greener power to all our customers, but is directly impacted by wholesale market volatility.

"Agile prices can spike up to 100 p/kWh any time - although a typical household in Winter '22-'23 paid around 35 p/kWh average. This tariff is best suited to customers who can shift large amounts of their energy use to avoid these expensive peaks, often by using smart home technologies like solar and batteries."

Mr Lewis went on: "Fixing at seven per cent is a good bet - I can't say it is a winner - but it's a good bet." Mr Lewis continued, telling the caller: "Which of those feels right? You could stick with Octopus, it's not the cheapest right now at three per cent, but if you're happy with the service then look at that.

"Have a look at Octopus tracker - you can have a look, I'm not saying do it, but it could probably save some substantially money and there's no answers right now. Certainly, if you're risk averse, then fix."

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