Octopus Energy warns customers 'much hated' rule will 'return'

Octopus has made a "pledge" to energy customers as it responds to Ofgem proposals. The energy supplier, which is rivalled by the likes of EDF, EON Next, Ovo and more, spoke out in a press release today (Thursday June 6) as it updated its userbase.

Octopus said: "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."

It added: "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." The ‘Same Price Promise’ comes in response to electricity regulator Ofgem considering the return of much hated ‘tease and squeeze’ deals, where a new customer initially pays lower for the first year of their tariff, and then falls onto a more expensive standard variable tariff (SVT).

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In 2022, Ofgem banned the practice of hiding or barring companies’ best deals from loyal customers but now they’re thinking of reintroducing it. Greg Jackson, Founder of Octopus Energy Group, said in a statement today: “It’s totally unfair to block loyal customers from the best deals."

Mr Jackson, who runs Octopus, which is also rivalled by the likes of British Gas, went on: "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.”