M&S and Octopus to transform energy markets with new deal
Today, M&S and Octopus announce a new strategic partnership to supply energy and services under the M&S Energy brand from September 2018.
The new partnership between energy industry disruptor Octopus and M&S is designed to create a more progressive, digital and commercial M&S Energy that will deliver growth to the M&S brand at a time of critical transformation.
The collaboration will see M&S Energy launch a compelling and competitive customer proposition to challenge the ‘Big 6’ and disrupt the traditional energy market, starting with a rebuttal of traditional but punitive ‘tease and squeeze’ pricing policies*. Together under the M&S Energy brand, M&S and Octopus will launch a responsible and transparent price model that puts customers firmly in the know, and in control.
Octopus’s proprietary, innovative and highly flexible cloud-based billing and customer platform has revolutionised customer experience in the energy industry over just two years. Their digital-first approach to billing and customer service will create a seamless experience for M&S Energy customers, giving them direct control over their account – an offer not currently provided by any of the ‘Big 6’ suppliers.
The partnership will build on M&S’s reputation for best in class customer service while developing the brand’s digital offer. Despite impressive recent growth, Octopus has steadfastly scaled its ‘customer at the heart’ approach to customer service – maintaining a 5* TrustPilot ranking with 9.5 out of 10 and being uSwitch’s top-ranking energy supplier in 2018. Its digital expertise and flexible team structures will deliver exceptional and extensive customer service to M&S Energy customers across all channels.
Jonathan Hazeldine, Head of M&S Energy, said:
“As we continue to transform M&S we have chosen Octopus as a new strategic partner for M&S Energy. Octopus’ values of responsible and transparent pricing and digital-first customer service mirror our ambitions for the business. Together, we can challenge the traditional energy market and bring green energy to millions of households at a competitive and fair price. We believe they are the best partner to help transform and grow M&S Energy into a digital, progressive and commercially competitive arm of M&S.”
Octopus is also a committed green energy partner and the UK’s largest investor in solar farms. The opportunity to leverage M&S’s broad customer base to bring green energy to more UK households is a significant prospect for the brand partnership. M&S Energy will offer 100% green energy to customers, in line with M&S’s Plan A environmental and sustainability plan.
Greg Jackson, CEO Octopus Energy, said:
“I’m thrilled. M&S’s choice of Octopus for this vital service is a great vote of confidence in our vision for energy. Fair pricing without annual switching, renewable electricity and incredible customer service. M&S will be using the digital technology we’ve built, enabling dramatically better customer experience online, and helping drive the M&S digitisation strategy.”
The new partnership with Which? ‘s only recommended energy supplier is part of M&S’s five-year transformation plan and will replace the contract previously held by SSE. Launching on 29 September, customers can sign up now on newmandsenergy.info to pre-register your interest.
Ten years on from the creation of M&S Energy, energy remains an attractive and natural market for M&S, complementing M&S’s growing home and M&S Bank businesses, which saw the launch of M&S’s first ever mortgage range this year.
For journalists in their professional capacity only. Issued by Octopus Energy Ltd. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 09263424. Issued: July 2018.