Octopus Energy hikes its prices by 11%
Octopus Energy has increased the price of its standard tariff by 11% – though it says former Iresa customers are protected from the hike.
Update Thursday 18 October: in our original story published last week, Octopus Energy said the rise would only affect new customers. It’s now confirmed the hike will also apply to most existing customers on its standard variable tariff.
The provider - which has around 300,000 customers - will increase its standard tariff by a typical £105/year, from £955/year to £1,060/year. The hike will hit existing customers on Tuesday 20 November.
Like many other suppliers, it's the not the first time Octopus Energy has increased prices this year, after hikes in February and August.
However, the 90,000 customers that were transferred to Octopus Energy after Iresa Energy's demise won't be affected by increase.
To check you're on the best energy deal, use our free Cheap Energy Club to do a full market comparison.
Will the price rise affect me?
Whether you'll be hit by higher prices depends on your circumstances.
- I'm an existing customer on Octopus Energy's standard tariff? Prices will rise by an average 11% on Tuesday 20 November.
- I was moved to Octopus Energy when Iresa went bust? You WON'T be affected by the price rise.
- I'm switching to Octopus Energy's standard tariff. Anyone that applied to switch to the Flexible Octopus tariff from Friday 5 October, when the price rise was first announced, will be on the higher rates.
- I'm on a fixed deal with Octopus Energy. Your prices are fixed, so the hike won't affect you. However, from Friday 5 October, you will be rolled onto the higher-priced tariff when your fix ends and you choose not to switch to a different tariff or supplier.
What does Octopus say?
A spokesperson for Octopus Energy said: "Whilst we are constantly reviewing prices, this change did not affect the prices for any existing customers. It only applied to new customers and those choosing the flex tariff after October 6th.
"Customers who joined from Iresa were not affected. Octopus always holds off on raising prices for loyal customers as long as possible, and will always give at least 30 days notice by email."