London Power, a new renewable-only energy supplier, has been officially launched in the nation’s capital.
The London-specific supplier was today (13 January 2020) launched by the Mayor of London, Sadiq Khan. It comes as a joint partnership between the Mayor of London and Octopus Energy.
It offers a 12-month fixed tariff, dubbed My London fixed yearly plan, which it claims will be within the cheapest 10% of similar tariffs, estimating an average household could save £300 a year.
A separate plan, My London top-up plan, will be available to pre-payment customers.
“London Power is a different kind of energy company. For the first time we have a fair, affordable, green energy company specially designed for Londoners,” Khan said.
London Power offers no exit fees and a roll-over into the cheapest similar tariff at the time a customer’s contract ends.
Profits are set to be reinvested into community projects helping those living in fuel poverty, working to tackle the climate emergency and working to make London zero-carbon.
Stuart Jackson, co-founder and CFO of Octopus Energy, said Octopus “couldn’t be happier” to launch London Power, offering “a good deal on planet-friendly power”.
The launch of the supplier comes as part of the Mayor’s Energy for Londoners programme, aiming to make London's homes warm, healthy and affordable, its workplaces more energy efficient and its energy supply more local and clean.
Over 1,000 Londoners have registered interest in London Power. It was unveiled in September, with an original go-live date of December.
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.”