A GAS and electricity firm has launched a special tariff which promises to pass on daily cuts in wholesale energy prices.
Octopus Energy’s package comes with an app that allows customers to check the wholesale price they are paying for along with the firm’s mark-up and the additional cost of supplying the energy.
The Sun has recently campaigned against expensive tariffs that are difficult to get out of and put hard-working families under strain.
Now Octopus Energy has launched the UK’s first “transparent tariff” and promise the end of “sneaky” pricing.
Using the app customers can clearly see the whole sale price they are paying along with the additional cost of supplying that energy and even the mark-up cost Octopus Energy will make.
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Founder and CEO of the company, Greg Jackson, said: “With this tariff we are tying our own hands.
“Even if we wanted to use sneaky pricing, we can’t.
“We hope that this is the beginning of an energy market where people can really see what they’re paying, and vote with their feet if they don’t like it.”
Energy is often one of the most expensive bills for families each month – usually the second biggest after housing – but pricing is often so confusing that many households pay way over the odds.
Research from the Competition and Markets Authority found that UK households are paying £1.4bn more than necessary for their energy.
Greg said: “We are putting trust and transparency at the forefront.
“We’re serious about reforming.”
He added that in the internet age an app for energy will make things easier for people.
“In a digital age, where you can bank online 24/7, follow your taxi on an app and get an Amazon delivery in two hours, we don’t need to accept an energy industry where a fair deal takes hours to find, weeks to materialise and usually comes with booby trap pricing and exit fees.”