Octopus Energy boss warns prices could rise even further this winter

3 April 2022, 14:08 | Updated: 3 April 2022, 14:13

Greg Jackson said consumers can expect further rises this winter
Greg Jackson said consumers can expect further rises this winter. Picture: Alamy

By Asher McShane

The boss of Octopus Energy has said the company will help people struggling to pay their bills as he warned that energy prices could get even higher.

Chief executive Greg Jackson said there is "no hiding" the fact that energy costs have risen "dramatically", as he acknowledged the cost-of-living crisis is "very real".

He said the "sad reality" is that many people lost their jobs during the pandemic and went from being able to pay their bills to finding them unaffordable.

He told LBC: "Where people do their very best, companies like ours will work with them to get payment plans in place, to provide some assistance, to work with them on their whole income and expenditure."

Read more: Chancellor faces calls for 'emergency budget' as cost of living crisis deepens

Read more: Huge queues at Manchester Airport and Heathrow 'near capacity' in Easter break chaos

'If the UK is going to build anything then it should be wind farms'

Mr Jackson said there are also people who can pay but choose not to, adding that a different approach has to be taken in that scenario.

Warning that energy prices could rise even further in the winter, he said: "Global energy prices is one of the most volatile markets and so it's a fool who will make a strong prediction.

"But what we do know is that the next energy price cap period is being set by the prices we're seeing now, because there's a sort of lag in the system.

"So, unless there's a very rapid fall in the global prices, energy costs for people in the UK will stay high over the winter. They could even be higher. We just don't know.

"But of course we're now in a situation where there are two factors that really make a difference.

"(The) First one is whether there are any more strategic moves related to Russia, whether the gas taps get turned down or not. And the second is what the weather does.

"Essentially what matters now is, is Europe going to be filling its gas storage because we've got mild weather? Or is it going to be emptying it because we've got bad weather?

"So, depending on the weather between now and the winter, there could be a very big difference in energy prices in the next few months."

Mr Jackson was asked if he can promise that his company will not send the "heavies" round if people cannot pay and instead be "generous".

Mr Jackson told LBC the challenge is that all those who do not pay add to the costs for everyone else.

But he added: "We don't send the heavies. We work with people to try and get them through times like this - listening, helping where we can.

"Our company has never sent the heavies round and we're not going to."

More Latest News

See more More Latest News

Nick Ferrari takes to the streets of the US to ask Americans: 'Can you identify these British politicians?'

Nick Ferrari takes to the streets of the US to ask Americans: 'Can you identify these British politicians?'

Migrant caravan of thousands heads towards US border amid fears of Trump’s return to hardline policies

Migrant caravan of thousands makes 'mad dash' to US border ahead of crackdown after Trump takes office

One Direction star Liam Payne's death 'not suicide' Argentina prosecutors say - as three people charged over death

One Direction star Liam Payne's death 'not suicide' Argentina prosecutors say - as three people charged over death

Baby P's mother 'recalled to prison just two years after release' for breaching licence conditions

Baby P's mother, Tracey Connelly, makes fresh bid for freedom weeks after prison recall for breaching licence conditions

Son of farmer who took his own life fearing Budget inheritance tax raid says Starmer 'has blood on his hands'

Son of farmer who took his own life fearing Budget inheritance tax raid says Starmer 'has blood on his hands'

Keir Starmer

Keir Starmer pledges £3.5 million to support homeless veterans ahead of Remembrance Sunday

Donald Trump was inaugurated for the first time in January 2017

Which musical artists could perform at Trump's inauguration in January 2025?

Donald Trump has said he has no choice but to launch mass deportations

Trump says US 'has no choice but to deport illegal immigrants' en masse, as president-elect builds top team

Prince William said the past year has been 'brutal'

Prince William says past year has been 'probably the hardest in his life' after Charles and Kate's cancer diagnoses

Ian Botham was saved from the crocodile by his former rival Merv Hughes

Ian Botham saved from crocodiles by former Australian cricket rival after falling into remote river

Sara Sharif was found dead

Sara Sharif’s ‘evil’ stepmum tied her up with packaging tape, father tells court

Three people have been charged in connection with the death of One Direction star Liam Payne

Three people charged in connection with death of One Direction star Liam Payne after he fell from hotel balcony

Mohammed Aslam and Mohammed Nazir have been jailed for their involvement in the 'hitwoman in a hijab' plot

Father and son jailed after hiring 'hitwoman in a hijab' for botched revenge killing in Birmingham

Kira Rudyk has warned against Trump's 'illusion' of negotiating with Putin over Ukraine

Putin congratulates 'brave' Trump on election victory as Ukrainian MP warns against 'illusion' of peace negotiations

Women are swearing off men following Donald Trump's election win.

American women are swearing off sex with men after Donald Trump's election victory

The HS2 chairman has defended the £100m cost of a bat shed

HS2 facing backlash after cost of 'bat shed' exceeds £100m