Octopus Energy Pays £1.5M Compensation

Octopus Energy, one of the UK's leading energy providers, has been instructed to pay £1.5 million in restitution to its former customers who used prepayment meters. The directive was issued by energy regulator Ofgem following the company's failure to provide final billing to these customers.

The payout is a measure to correct billing oversights and ensure that all financial obligations to former users are met. This lapse, as highlighted by Ofgem, affected numerous customers who did not receive their final energy statements, thereby causing uncertainty in their billing responsibilities.

This decision underscores the importance of regulatory compliance and sets a reminder for energy companies to uphold transparency and accuracy in dealings with consumers. Ofgem's involvement ensures accountability within the energy sector and seeks to protect consumer interests.

(With inputs from agencies.)