Octopus brings back tariff based on wholesale prices

Octopus Energy has relaunched the Tracker tariff, allowing customers to follow wholesale prices and potentially save on their energy bills

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Octopus Energy has reintroduced its “Tracker” tariff, allowing consumers to closely monitor and adjust their energy consumption in response to wholesale prices.

The tariff, set to go live on 1st July provides customers with day-ahead prices connected to the market, empowering them to make informed decisions about their energy usage.

By capitalising on lower-priced periods, households can potentially reduce their energy bills substantially.

This tariff aims to pass on wholesale market rates directly to customers, enabling them to compare the current day’s energy price with a standard variable tariff and make adjustments accordingly.

Over the past year, households on the Octopus Tracker tariff would have enjoyed an average savings of 4% in comparison to the upcoming price cap of £2,074.

Octopus Energy has set a maximum cap of 100p/kWh for electricity and 30p/kWh for gas to protect customers from exorbitant costs.

Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy Group, expressed the company’s commitment to empowering consumers and enabling them to actively participate in the evolving energy market.

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