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Octopus Energy Slaps on Fee Amid Iran War as Customers Call It 'Shameful'
Octopus Energy introduced exit fees twice in one week to manage risks from soaring wholesale prices linked to Middle East tensions, affecting new fixed tariff customers.
- This week Octopus Energy, the UK's largest electricity supplier, introduced exit fees for new fixed-tariff customers, raising them twice amid market volatility and strong customer backlash.
- With wholesale markets surging, Octopus cited volatility caused by Middle East tensions and explained that its practice of buying 12 months of energy upfront makes exit fees necessary in this 'super volatile' market.
- The charges rose from £0 to £50 and then to more than 75 for new fixed-tariff sign-ups, with existing fixed customers unaffected, according to Octopus Energy.
- Social media users criticised the rise, including one who wrote 'If you have to sell the energy because customers leave early and you make a profit on it can we have any money back? When my contract ends you'll lose my custom', and Martin Lewis urged switching as analysts warned household bills could rise 10% from July.
- Cornwall Insight warned the price cap depends on three-month wholesale averages, several suppliers pulled fixed deals, and Uswitch data shows available deals have more than halved since last week.
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15 Articles
15 Articles
TeessideLive+2 Reposted by 2 other sources
Iran war sees Octopus Energy slap on new fee as prices soar
Energy company with 7m customers cited the war as one user said 'When my contract ends you'll lose my custom'
·Middlesbrough, United Kingdom
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Coverage Details
Total News Sources15
Leaning Left5Leaning Right1Center9Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 33%
C 60%
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