London Power Quarterly Report: July - September 2021

Welcome to the sixth quarterly update on London Power. The energy markets have been in the news over the past few weeks, with record energy prices, and some energy suppliers going out of business. London Power is a partnership with Octopus Energy, who are a well backed, prudently hedged company, and we are not going anywhere.

We’re delighted that over 6,000 London households have chosen London Power for energy that’s always fair, affordable and green.

Global energy prices have been increasing all year due to worldwide high demand for gas. Customers on variable tariffs will have seen their prices rise by around £139 a year from 1 October due to an increase in Ofgem’s price cap.

Usually, Londoners would be best served by shopping around for a lower priced fixed deal, but given continued increases in wholesale prices, Londoners are currently best-off staying with their supplier through this winter, while prices stay high, but to check if they could save in early 2022. This will impact energy customer switching, and energy company growth throughout the energy industry, including London Power.

There has been an impact on energy suppliers, with some closing down. If this happens, energy supply is not disrupted for customers and their credit balance with their supplier is protected, with Ofgem arranging transfer to another supplier. Best advice is to take a meter read and wait to be transferred.

For customers who are struggling with higher bills, many energy suppliers including London Power run the Warm Homes Discount, which offers a £140 bill credit to eligible customers, and other advice. Please contact your supplier if you need help. The Mayor also funds the Warmer Homes Advice Service to provide free energy advice for vulnerable and low income Londoners.