Octopus Energy issues 'pledge' to all customers as it responds to Ofgem proposals

Octopus Energy has made a commitment to its customers in light of recent Ofgem proposals. The energy firm, which competes with the likes of EDF, EON Next, and Ovo, issued a statement today (Thursday June 6), reassuring its customers about its stance on pricing.

In their press release, Octopus stated: "Ofgem has proposed allowing companies to hide or even bar their best deals from loyal customers. Octopus disagrees and pledges that its best and lowest tariffs will be available to existing customers, not just new ones."

They further commented: "Octopus commits to fair pricing for all customers and calls for a market focused on innovation, customer service, and efficiency, rather than ripping customers off with Del Boy pricing practices."

This declaration, known as the 'Same Price Promise', is a response to the electricity regulator Ofgem's contemplation of reintroducing controversial 'tease and squeeze' deals. These deals typically offer new customers a lower rate for the first year before moving them onto a more expensive standard variable tariff (SVT).

Ofgem had previously banned the practice of concealing or denying loyal customers access to the best deals in 2022, but is now considering bringing it back. Greg Jackson, Founder of Octopus Energy Group, expressed his disapproval in a statement today: "It's totally unfair to block loyal customers from the best deals.", reports Birmingham Live.

Mr Jackson, the head of Octopus Energy, a competitor to British Gas among others, stated: "So regardless of being a new or long term customer, our pledge is to offer Octopus customers access to the same best deals however long they've been with us."

"Energy doesn't need Del Boy deals, and hide and seek pricing. It needs fair and transparent tariffs, with the energy price cap to protect everyone. The latest data from Electralink shows switching returning to pre-crisis levels, illustrating that customers are confident to find the best companies and energy tariffs for them."