Climate Action

London benefits from new green energy company launched by Mayor

Mayor of London, Sadiq Khan, has launched a new green energy company which will be exclusive to Londoners.

  • 14 January 2020
  • Rachel Cooper

Mayor of London, Sadiq Khan, has launched a new green energy company which will be exclusive to Londoners.

Sadiq Khan has launched a landmark fair-priced, green energy company, available exclusively to Londoners to cut fuel bills and help make the capital a zero-carbon city.

London Power is a landmark partnership between the Mayor and Octopus Energy, which aims to make London’s homes warm, healthy and affordable, its workplaces more energy efficient, and to supply the capital with more local clean energy.

The Mayor of London, Sadiq Khan, said: “It is a disgrace that many Londoners pay too much to heat and light their homes, with more than a million living in fuel poverty.  That’s why I’ve launched London Power – to give all Londoners access to a better, fairer deal safe in the knowledge that they won’t be automatically switched to a rip-off tariff when their contract ends.”

“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.”

According to the energy regulator, Ofgem, London has the one of the lowest levels of switching energy supplier and one of the highest levels of pre-payment meters in the UK, leading to higher prices and less access to good deals.

London Power will offer fairer prices to all Londoners, helping struggling households - particularly those in fuel poverty.

Just over 1,000 Londoners have already registered their interest with ‘London Power’, a first of its kind initiative for the capital.

Any profits that City Hall makes will be reinvested into community projects helping Londoners living in fuel poverty, working to tackle the climate emergency and striving to achieve the Mayor’s ambitious target of making London a zero-carbon city.

Stuart Jackson, Co-Founder and CFO of Octopus Energy, said: "Octopus Energy has been at the forefront of affordable, fairly priced green energy since our inception four years ago. We couldn't be happier to launch London Power in partnership with the Mayor, to offer Londoners a good deal on planet-friendly power and to reinvest City Hall's profits into community projects aimed at creating a more carbon neutral city."

Nina Skorupska, CEO of 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.”