Millions Face Higher Bills as Octopus Energy Customers See Negative Prices
From Tuesday, millions of households will face higher energy bills due to Ofgem's new price cap. Meanwhile, Octopus Energy customers are experiencing an unusual phenomenon: negative energy prices.
Ofgem's latest price cap increase, effective from Tuesday, will see energy bills rise for millions of households. This comes as wholesale energy prices remain volatile.
In a unique turn of events, Octopus Energy customers on the Agile tariff have seen five hours of negative prices today, with more expected this afternoon. This means customers are being paid to use their electricity during these periods. Over the past year, Agile tariff users have saved an average of £268 compared to those on the standard variable tariff.
Octopus Energy is offering free electricity to all its customers this weekend as part of its Savings Sessions scheme. From 12pm to 2pm on Saturday and 11am to 12pm on Sunday, customers can enjoy three hours of free electricity. Additionally, those on the Agile tariff will benefit from nine hours of negative prices today, allowing them to earn money while using electricity.
The reason behind these negative prices is the high winds brought by Storm Amy, which is expected to keep wholesale energy prices below zero for a full day on Saturday for the first time since 2023. This abundance of renewable energy is driving prices down, benefiting customers on smart tariffs and during scheduled Savings Sessions.
While energy bills are set to rise for many households, Octopus Energy customers are experiencing an unprecedented period of negative energy prices and free electricity. This weekend's Savings Sessions and the ongoing benefits of the Agile tariff highlight the potential of smart tariffs and renewable energy in reducing energy costs.
