The Mayor of London Sadiq Khan is launching a new energy supplier to provide 100% renewable electricity to customers. The new supplier will be called London Power.
All profits made by the new firm will be reinvested in community projects around the capital. These investments will help tackle fuel poverty and drive London towards becoming a carbon neutral city.
London Power Good for Value, Environment and Community
The new firm’s energy will be supplied by Octopus Energy. They say the new supplier will provide good value for customers as well as being good for the environment. The reinvestment of profits will also greatly benefit the community.
The co-founder and Chief Financial Officer of Octopus Energy, Stuart Jackson, said: “Octopus Energy has been at the forefront of affordable, fairly priced green energy since our inception four years ago. We could not be happier to launch London Power in partnership with the Mayor, to offer Londoners a good deal on planet-friendly power and to reinvest City Hall’s profits into community projects aimed at creating a more carbon neutral city.”
Average Households Could Make Big Savings
All the electricity supplied to London Power’s customers will be matched with power generated from renewable sources. Such sources will include the likes of solar panels and wind farms.
London Power will also offer what they describe as a ’competitively priced’ twelve-month fixed tariff. It should be within the cheapest 10% of similar tariffs from other suppliers. The tariff is estimated to help the average household save around £300 a year if they switch to the new deal. Prepayment customers will also find the tariff to be one of the cheapest prepayment tariffs on the market. For them it should work out at about 14% below the price cap.
As well as the fair and competitive pricing, there is another significant advantage the London Power tariff will offer. Once a fixed term plan ends, customers will be automatically rolled over on to London Power’s cheapest comparable plan. The Government’s price cap was brought in to prevent suppliers taking advantage of this exact scenario.
Many customers get rolled over onto standard variable tariffs once their fixed terms end. These have usually been the most expensive and exploitative tariffs.
London Power a ‘Different Kind of Energy Company’ says Mayor
Mayor Khan said: “It is a disgrace that many Londoners pay too much to heat and light their homes, with more than a million living in fuel poverty. That is why I have launched London Power to give all Londoners access to a better, fairer deal safe in the knowledge that they won’t be automatically switched to a rip-off tariff when their contract ends.
“London Power is a different kind of energy company. For the first time we have a fair, affordable, green energy company specially designed for Londoners.”
To learn more about the many different energy suppliers and favourable tariffs available to you and your business, contact Business Save and their team of highly experienced energy experts.