London Power Quarterly Report: October - December 2021

Welcome to the seventh quarterly update on London Power. The energy markets continued to dominate headlines through the autumn and early winter, with global wholesale energy prices remaining high, leading to 16 energy suppliers failing over the quarter. London Power is run as a partnership with Octopus Energy, who remain a well-run and financially secure business.

Our advice to households remains the same: do not switch energy supplier while energy prices remain higher than the price cap. This quarter has seen the lowest level of energy switching across the market in over ten years, as all energy suppliers have given the same advice.

Whilst energy prices are likely to remain high for the foreseeable future, and expected to rise further from April, we have been signposting consumers to energy saving advice on london.gov.uk. This includes the above advice on switching and energy saving tips around the home (where possible). For vulnerable and low income Londoners, who might particularly be struggling to keep up with the cost of living, we recommend getting in touch with the Mayor’s Warmer Homes Advice Service.

London Power launched the my london tree plan in September 2020 for customers who wish to pay a little extra each month to support tree planting in London. In early December, our team joined London Power customers in planting trees in Hillingdon’s Yeading Brook Meadows, helping to increase tree cover in this part of London for many years to come.