On 13th January Monday, the Mayor of London along with Octopus Energy launched his own energy company in a bid to combat the on-going climate crisis.
Sadiq Khan launched London Power as part of his Energy for Londoners programme and claims that it will help households in London save £300 on bills annually. According to Ofgem, there are currently 64 active energy suppliers yet, the energy prices in the city are among the most expensive in comparison to other countries.
The company will rely completely on renewable energy and is slated to re-invest all the profits in various other community projects. 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. A separate plan, My London top-up plan, will be available to pre-payment customers.
In a statement to the City A.M. 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,” he said.
“For the first time we have a fair, affordable, green energy company specially designed for Londoners.”