London Mayor Sadiq Khan has launched a new energy company that will provide 100% renewable electricity to customers.
Powered by Octopus Energy, ‘London Power’ has been created to provide Londoners with energy that’s “good for your pocket, good for the environment and good for the community”, according to the website.
All the electricity supplied to consumers will be matched with power generated from renewable sources like solar panels and wind farms and any profits made by City Hall will be reinvested in community projects to help tackle fuel poverty and make London a zero carbon city.
London Power is offering a “competitively priced” 12-month fixed tariff, which will typically be within the cheapest 10% of similar tariffs available on the market, with the plan estimated to help average households save around £300 a year if they switch.
For prepayment customers, the top-up plan is one of three cheapest prepayment tariffs available on the market, at 14% below the price cap.
Mr 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’s why I’ve 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.”
I made a manifesto commitment to create an affordable energy company, because Londoners deserve a better deal on their energy bills.
Today I’ve launched #LondonPower, a new fair-priced energy company with 100% renewable electricity.
— Mayor of London (@MayorofLondon) January 13, 2020
Stuart Jackson, Co-Founder and CFO of Octopus Energy, added: “Octopus Energy has been at the forefront of affordable, fairly priced green energy since our inception four years ago. We couldn’t 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.”