Octopus opposes Ofgem on best energy deals exclusion

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Octopus Energy has pledged to ensure that all customers have equal access to energy deals, responding to recent Ofgem proposals that could allow companies to withhold favourable offers from existing customers.

Ofgem’s proposed measures have sparked concerns about the revival of ‘tease and squeeze’ deals, where new customers receive discounted rates initially but are later moved to more expensive standard variable tariffs (SVTs).

Experts say this practice unfairly burdens loyal customers with higher costs to subsidise discounts for new customers.

While Ofgem had previously banned the concealment of best deals from loyal customers in 2022, there are now discussions to reintroduce these unpopular practices.

Greg Jackson, Founder of Octopus Energy Group, said: “It is totally unfair to block loyal customers from the best deals. 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.”

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