Octopus Energy has said it chose to turn down profits last year in order drive bills down for its customers.
The energy supplier said it kept bills down £50 lower for the average households compared to the price it was allowed to charge under Ofgem rules at the time. The major financial decision cost the business more than £150 million in lost revenue, forcing it to suffer a loss for the year.
The business highlighted that its operating loss was £141 million in the year to the end of April 2022. Meanwhile, the pre-tax loss was slightly under £166 million, up from £75 million the year before while revenue hit £4.2 billion, double that of the previous year.
