Ofgem orders Octopus Energy to pay £1.5m for prepayment meter billing failures
Ofgem has ordered Octopus Energy to pay approximately £1.5m in redress to former prepayment meter customers for failing to issue final bills within six weeks of a supplier transfer or contract termination, as required under Standard Licensing Condition 27.17 (SLC 27.17) of the gas and electricity supply licences. This non-compliance affected 34,494 customers. The total payment comprised £231,000 for refunds of outstanding credit, £1.040m under the Guaranteed Standards of Performance (GSOP) and £212,000 in additional redress. Where it was not possible to trace a customer, Octopus Energy has agreed to make payments to the Energy Industry Voluntary Redress Fund. Octopus Energy has since updated its billing processes and systems to align with SLC 27.17.