Octopus Energy is passing on big electricity savings to British consumers.
Tom Warrena senior editor covering Microsoft, PC gaming, console, and tech. He founded WinRumors, a site dedicated to Microsoft news, before joining The Verge in 2012.I know what you’re thinking: what is this ridiculous clickbait headline all about? Well, a couple of weekends ago, I charged my electric car, cooked lunch in my oven, and washed my clothes totally for free over a few hours. Last weekend, my electricity cost less than 8p per kWh to do the same thing.
But this price cap is still far beyond what I’m currently paying. Over the past 28 days, I’ve used an average of 16kWh per day at a rate of 16.9p per kWh instead of the 34p per kWh I would have paid on a standard rate. That’s a saving of nearly 50 percent compared to what most people would pay for the same amount of electricity.Octopus Energy markets Agile
Despite the discounts seen in recent months, you can also see a sustained spike for most of December, where the maximum prices shot up to 80p per kWh, a very expensive rate that customers would have seen mostly during the peak 4PM to 7PM window. If wholesale prices continue to stabilize and drop, hopefully we won’t see a repeat of this again this winter. If prices do shoot up, you can always just immediately switch back to the standard rate, which will be capped by Ofgem’s guarantee.
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