The Mayor of London, Sadiq Khan, has unveiled a new affordable green energy company, London Power, available exclusive to Londoners.
Launched on 13 January, the company, a partnership between the Mayor and Octopus Energy, is aiming to cut fuel bills and help drive London towards becoming a zero-carbon city with all of its electricity generated from 100% renewable sources. Over 1,000 Londoners have already registered interest with London Power, with it forecast that the average household should be able to save around £300 a year by switching. All profits will be reinvested back into London’s communities.
With more than one in 10 London households living in fuel poverty, the new company will set out to offer fairer prices for all. It will include a competitively priced 12-month fixed tariff, typically within the cheapest 10% of similar tariffs available in the market, while also offering a top-up plan for pre-payment customers, “always cheaper than the price cap”. It is currently 14% lower. Neither plan will include an exit fee while there will be a roll-over onto the cheapest similar tariff once a customers’ contract ends.
Nina Skorupska, CEO of the Renewable Energy Association, said: “London Power embodies the future of energy companies in the UK; localised, affordable and 100% renewable. The interest already shown demonstrates the growing appetite amongst consumers to feel a personalised connection to their energy, knowing where it comes from and who it is benefitting. By adopting this model, City Hall has shown themselves to be one of the pioneers in the move towards a Net Zero UK.”