Octopus Energy has sparked widespread backlash after announcing a substantial price increase for its Intelligent Octopus Go and Octopus Go customers with under two weeks' notice. In a recent email, the energy provider cited “global volatility” stemming from the ongoing conflict in the Middle East as the primary cause for the price surge. Standing charges will rise by approximately 52p per day, effective from May 1.
Many customers across Birmingham and beyond expressed frustration on social media, with complaints highlighting the short notice and questioning the timing of the increase. One follower on X (formerly Twitter) remarked, “Two weeks’ notice of change. And they say they review every three months. Also wiping out the Government’s levy and costing us more than before.” Another added concerns about fairness: “Octopus putting up its Octopus Go rates from 1 May even though it brought them down just weeks ago after the Price Cap dropped? Doesn’t sound right.”
In response to the mounting criticism, Octopus Energy’s CEO Greg Jackson addressed the situation. He explained that typical users on this tariff enjoy a blended rate of approximately 18.3p/kWh—around 20% below the standard Price Cap—and emphasized that the more customers charge their electric vehicles, the more savings they realize. Mr. Jackson also noted that although the notification was slightly shorter than usual, the company intentionally avoided sending emails over the weekend to ensure adequate customer support was available.
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Financial expert Martin Lewis, founder of Money Saving Expert and a prominent voice on consumer issues, also weighed in. He clarified that since these deals are variable tariffs not subject to a price cap, price adjustments are permissible with proper notice, though customers understandably find sudden hikes frustrating.
An Octopus Energy spokesperson reinforced the benefits of their tariffs, noting that before the recent Middle East conflict, customers saved over £860 annually on charging costs compared to petrol. Even now, savings remain above £1,000, underscoring Octopus’s commitment to providing cost-effective energy solutions despite ongoing global uncertainties.