Octopus Energy to pay £1.5m for billing errors

(Sharecast News) - Octopus Energy has been told to pay £1.5m in refunds and compensation by the UK's energy regulator after it failed to provide customers with final bills within six weeks.

Ofgem found more than 34,000 prepayment meter customers did not receive final bills within six weeks, as required under current regulations. The issue occurred between 2014 and October 2023

Octopus had agreed to pay a total of £1.483m in compensation and redress, an average of £43 for each affected customer.

This included refunds of £231,000 of credit that was remaining on accounts when they were closed, and a further £1,250,000 in compensation to affected customers.

Reporting by Frank Prenesti for Sharecast.com