OCTOPUS ENERGY LIMITED
Company number: 09263424
Reporting period:
1 May 2021 to 31 October 2021
Report filed on:
30 November 2021
Approved by:
Stuart Jackson
Payment statistics
Average time taken to pay invoices: 17 days
Invoices paid:
- within 30 days: 97%
- in 31 to 60 days: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 13%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Octopus's standard payment terms are 30 days on receipt of invoice, unless different terms have been agreed or are stated on the invoice. Some suppliers are paid via direct debit and/or have immediate payment terms.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Queries or issues are raised by sending an email to the Accounts Payable team. A member of the team will contact the supplier to understand the issue and attempt to rectify. If the issue cannot be rectified by the Accounts Payable team it will be escalated as required to management. The team aims to resolve issues as quickly as practicable, usually within 2 – 4 working days.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No