The City of London (U.K.) announced plans for a new, "fair-priced, green energy company," available exclusively to Londoners starting this December, called London Power

London Power is offered under partnership with retail supplier Octopus Energy, which will supply the electricity

"Any profits made by City Hall will be reinvested into community projects to help tackle fuel poverty and make London a zero-carbon city," the City said

"Octopus Energy were [sic] chosen following a rigorous open procurement process conducted by City Hall and TfL," the City said

London Power said that it will offer consumers "competitive" prices including:

• A "competitively" priced 12-month fixed tariff for electricity and gas, which will always be within the cheapest 10% of comparable tariffs available in the market. The City estimates that the tariff could save the average London household around £200 a year[1] if they switch

• 100% renewable electricity

• No exit fees

• A roll-over onto the cheapest comparable tariff available from the City's supplier at the time a customer’s contract ends.

The City said that London has some of the lowest rates of switching between providers in the country, high levels of pre-payment meters usages (PPM), and low levels of energy efficiency measures, smart meters, and solar panels.

According to the energy regulator (Ofgem) around 54 percent of customers have been on higher-rate Standard Variable Tariffs for at least three years, the City said

Ofgem’s most recent state of the market assessment (October 2018), found that more than 60 percent of people were typically paying about £320 more for their energy than customers on the cheapest fixed-term tariffs, the City said

It also found that 35 percent of consumers earning less than £16,000 have never switched their energy provider, compared to 30 percent of other customers, the City said

See London Power's website for more

Tags:
U.K.   Octopus Energy   Branding  

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