Octopus Energy Group has today (25 May) announced the relaunch of its wholesale price smart tariff, ‘Octopus Tracker’ – due to go live 1 July 2023.
The announcement follows Ofgem confirming the energy price cap for Q3 2023 will be set at £2,074, this morning. The significantly lower price cap reflects the increasingly steady and lowered energy prices.
‘Octopus Tracker’ grants customers access to wholesale energy market rates to compare how these prices compare to a standard variable tariff. This then allows consumers to adjust their energy consumption according to wholesale market prices.
Although customers using ‘Octopus Tracker’ can see the price of energy change every day, rising later in the year alongside demand, the Tracker has a maximum cap at 100p/kWh for electricity and 30p/kWh for gas.
According to Octopus an average household using the ‘Octopus Tracker’ would have saved 4% last year compared to the new price cap set by Ofgem this morning.
“The energy market is changing rapidly, and we believe it’s essential for consumers to have the tools to harness this change for their benefit. We’re glad we can bring our popular Tracker product back to the market, allowing customers to become an active part of the future energy system once more,” said Rebecca Dibb-Simkin, chief product officer at Octopus Energy Group.
“By creating a transparent tariff that allows customers to access wholesale rates and plan their energy consumption accordingly, we’re empowering customers to become actively and directly involved with the energy market, and see how prices rise and fall.”
Customers can register their interest to fill the limited places available to join the product and be added to a waiting list.