The Mayor of London, Sadiq Khan today (January 13) launched a new green energy company for Londoners to help cut fuel bills.
London Power will offer a cheaper fixed price tariff which could save the average London household around £300 a year if they switch.
Any profits that City Hall makes will be reinvested into community projects helping Londoners living in fuel poverty, working to tackle the climate emergency and striving to achieve the Mayor’s ambitious target of making London a zero-carbon city.
The electricity will be generated from 100% renewable sources.
More than one in 10 London households, more than a million people, are living in fuel poverty, the highest number since records began.
Newham has the highest level of fuel poverty in England and six other London boroughs (Brent, Waltham Forest, Haringey, Redbridge, Ealing and Harrow) are in the worst 10%.
Since the company was announced last year, over 1,000 Londoners have registered their interest in the company, with the first customers, including the Mayor, switching over today.
London Power is a partnership between the Mayor and Octopus Energy.
The Mayor of London, Sadiq 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. That’s why I’ve launched London Power – to give all Londoners access to a better, fairer deal safe in the knowledge that they won’t be automatically switched to a rip-off tariff when their contract ends.
‘London Power is a different kind of energy company. For the first time we have a fair, affordable, green energy company specially designed for Londoners.’
Nina Skorupska, CEO of Renewable Energy Association, said: ‘London Power embodies the future of energy companies in the UK; localised, affordable and 100% renewable. The interest already shown demonstrates the growing appetite amongst consumers to feel a personalised connection to their energy, knowing where it comes from and who it is benefitting.’