Octopus Energy is a UK energy supplier, focusing on long-term investment in renewable energy for the UK
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Octopus supplier rating 2018
Octopus scored five out of five stars in uSwitch's most recent survey of more than 17,000 UK energy customers. This is the highest score possible, and is based on scores given by UK households for categories such as overall satisfaction, value for money and how likely they were to recommend Octopus Energy.
The gas and electricity supplier also scooped up the Energy Supplier of the Year Award for 2018, pulling out an overall score of 96% in the survey.
About Octopus Energy
Octopus Energy joined the domestic energy market in 2016, using technology to create a leaner business from the ground up.
That meant doing away with long calls to call centres, letters piling up in mailboxes, and the notorious bureaucracy this industry is famous for, and promising a business model more fit for the 21st century, including offering contract-free, simpler tariffs with transparent pricing.
Octopus Energy is founded on a commitment to renewable energy, and all their customers, not just those on 'green' tariffs, benefit from 50% of their electricity matched by electricity generated from renewable sources like UK wind farms.
In fact, the greener energy Octopus customers use means that in the last year, 26,900 fewer tonnes of CO2 have been released into the atmosphere than if their customers had been with typical UK energy suppliers. That's roughly the same climate impact as 140 trees for each and every Octopus Energy customer (or more than 13 million trees total).
Learn more about Octopus Energy in uSwitch's Meet the Small Suppliers interview.
Price changes from Octopus Energy
In October 2018, Octopus Energy announced its third price rise of the year — a total of 17% increase, or £152 for standard variable tariff customers.
Supplying M&S Energy customers
M&S Energy announced in July 2018 that, when its contract with supplier SSE ran out in September, it would partner with Octopus Energy.
Citing a user-centric approach and digital-first customer service platform, Head of M&S Energy Jonathan Hazeldine stated that the partnership would be a "challenge to the traditional energy market".
Taking on Iresa customers
In July 2018, Ofgem announced that small supplier Iresa had gone out of business. The energy regulator appointed Octopus Energy as the new supplier of around 100,000 former Iresa customers.
The Iresa customers would be offered a competitive tariff from Octopus Energy, and their existing credit would be honoured by their new supplier.
Read more about what happens if your energy supplier goes out of business — and why you probably don't need to worry.
Owner of Affect Energy
In September 2018, Octopus Energy announced that it had acquired Affect Energy in an "ambitious" effort to "transform the energy market."
Octopus gained a further 22,000 customers, in addition to the 95,000 it gained from taking on Iresa's customer based when Iresa stopped trading in July 2018.