“Solely when the tide goes out do you uncover who’s been swimming bare.”
This quote from Warren Buffet is one thing I’ve been serious about rather a lot because the begin of the coronavirus disaster.
Prospects who’ve tried to contact us lately might have observed one thing unusual: whereas different vitality corporations are issuing warnings to shareholders and refusing to reply the telephones until it’s an emergency, Octopus is working higher than ever.
Why? As a result of we created this enterprise with clients at its coronary heart, and we constructed the know-how and the groups to permit us to serve all our clients brilliantly, even when the surprising occurs. We’re even licensing that know-how to different corporations who’ve seen it in motion and wish to have the ability to do the identical – which is why E.On introduced that they’ll use our platform for his or her 6 million Npower and E.On UK clients, and Hanwha Company of Korea are additionally licensing it in Australia.
However we’re not complacent. The measures the entire nation must take to sluggish the unfold of coronavirus imply that everybody is spending nearly all their time at dwelling, consuming extra vitality. And whereas for almost all that’s an expense they’ll afford, a quantity are actually struggling – particularly in the event that they’ve misplaced their job or their enterprise. For them, having the ability to delay paying their vitality payments till they’re again on their toes might assist get them by way of this time extra simply.
We don’t imagine anybody ought to have to decide on between paying for vitality and placing meals on the desk. It’s why we led the marketing campaign for an vitality value cap, and it’s why now we have been campaigning for all households – together with those that purchase vitality from our rivals – to have the ability to entry cost holidays in the event that they want them.
Direct assist for purchasers by way of vitality payments
The federal government has put in place some nice measures to assist households and companies affected by Covid-19. However because the current Common Credit score numbers present, hundreds of thousands of individuals will fall between the cracks and undergo a dramatic drop in revenue.
We all know from speaking to our clients that a few of them would discover it actually useful if the federal government might assist guarantee they get a cost vacation (mainly an curiosity free mortgage) on their vitality payments, to assist them by way of the disaster.
We imagine that cash ought to go on to clients – not given to vitality suppliers to determine what to do with it.
We imagine each vitality buyer struggling on account of coronavirus ought to be capable to entry help in the identical means, regardless of which vitality provider they occur to be with. It shouldn’t be a lottery.
That’s why now we have proposed simply that to the federal government and the vitality business. We’ve had a number of help, together with corporations like British Fuel who added their title to the proposal, and buy-in from others like Bulb and Utility Warehouse. We’ve had some very optimistic conversations with ministers. And we imagine the federal government is critically contemplating doing one thing alongside these strains.
Power firm bailouts? No thanks.
Another means for the federal government to assist out vitality clients could be to do it not directly – by offering bailout cash to vitality corporations.
We don’t suppose that’s the perfect strategy. If authorities cash goes to suppliers as a substitute of on to clients, these corporations can select what they wish to do with it. Some will determine to assist out clients, however some will spend it on different issues.
What Octopus will do for our clients:
As a part of the scheme now we have proposed, we created an utility type which may very well be used as a typical. We’ve supplied it to different vitality suppliers in order that it may be in place as shortly as attainable and as pretty as attainable – the identical for all clients, no matter which firm they’re with.
We’ll get a model of this stay for our clients over the following week or so, in order that we are able to begin to ship a clear strategy to buyer help over this era. And we are going to proceed to supply it to different corporations to allow them to assist their clients too.
With out the backing of a wider scheme, it gained’t be as beneficiant as we’d like – however it is going to be clear and truthful. And if ever there’s a scheme to assist clients extra broadly, we’ll retrofit ours to enhance the help degree as relevant.
And naturally, my sensible colleagues will maintain offering the identical superb service they at all times have – they usually’ll do it from dwelling. Those that can’t do their jobs from dwelling, like our meter engineers, will likely be volunteering their time and our vans to help the NHS. And we’ll be backing all of them each step of the best way (on 100% incomes, after all).
Swimming bare?
The information is stuffed with tales about this virus bringing out the very worst in individuals, but in addition the easiest. I’m positive we are going to at all times keep in mind these individuals who stepped in to assist their neighbours, those that behaved responsibly, those that have been type to others.
When this disaster involves an finish, I need Octopus to be remembered for retaining our telephone strains open to all, serving to our clients and colleagues by way of a tough time, and preventing for a good deal for all households regardless of who they selected as their provider.
And all of our clients are a part of this too – you might be proud that your vitality firm is doing the best factor by its group, its clients and society. While you signed as much as Octopus you have been a part of doing enterprise higher – and I hope that in occasions of disaster we go that check collectively.
