Octopus Energy Making Headlines… Again And Again.

Octopus Energy has become a regular feature in the headlines, thanks to its rapid growth, innovative approach, and commitment to sustainability. As one of the UK’s leading renewable energy providers, providing 100% renewable electricity to customer, Octopus Energy has not only disrupted the traditional energy market but also set new standards for customer service and green energy initiatives. Whether it’s their acquisition of major competitors like Bulb and Shell Energy, their industry-leading technology for managing energy demand, or their recognition as a Which? Recommended Provider many years in a row, Octopus Energy continues to make waves in the energy sector. This page highlights the latest news and developments involving Octopus Energy, showcasing its ongoing impact on the energy industry and its role in shaping a greener future. Explore the articles below to stay informed about Octopus Energy’s most recent achievements and milestones.

23/09/2024 Yahoo! News – Octopus Energy Guarantees New Build Home Owners Zero Bills For at Least 5 Years With Solar, Battery Pack and Heat Pump.

Octopus Energy has partnered with Thakeham to revolutionize the UK housing market with “Zero Bills” homes, aiming for 100,000 such houses by 2030. These homes, powered by cutting-edge clean technology like solar panels, batteries, and heat pumps (Click here to read more about Octopus Energy’s Heat Pump installation options), guarantee no energy bills for at least 5 to 10 years. Following a successful pilot project in Burgess Hill, the partnership plans to build 1,350 homes in West Sussex. This initiative aligns with government targets for affordable housing and sustainable living while addressing the UK’s carbon footprint. Octopus CEO Greg Jackson emphasized that this partnership marks a crucial step toward eliminating energy bills altogether. – Source [External Link].

14/08/2024 The Express – Octopus Energy Gave Customers An Hour Of Free Electricity—Here’s How They Benefited

Octopus Energy recently offered eligible customers an hour of free electricity on August 15, 2024, as part of a new initiative. The offer was available between 1 and 2 pm, with any extra electricity used during that time credited to customers’ accounts within 14 days. To participate, customers had to be signed up for the Octoplus rewards scheme and register before the session began. This initiative was part of Octopus Energy’s strategy to pass on savings during periods of low market energy prices, encouraging customers to take advantage of “super-green” times. – Source [External Link].

12/08/2024 The Standard – Octopus Energy To Extend Winter Fuel Payments As Government Support Reduced

Octopus Energy has stepped in to extend its winter fuel payment scheme, filling the gap left by the UK government’s decision to narrow support. While the new state plan only targets pensioners on means-tested benefits, excluding millions from assistance, Octopus has pledged £30 million to support low-income pensioners who no longer qualify for government aid. Through its Octo Assist fund, eligible households can receive discretionary credits of £50, £100, or £200. In addition, Octopus continues offering innovative energy-saving tools, such as free electric blankets and thermal imaging cameras, to help vulnerable customers reduce their bills. CEO Greg Jackson emphasized that businesses must contribute to easing affordability concerns, especially during challenging times. – Source [External Link].

09/07/2024 The BBC – Lower Bills For Octopus Customers Near Wind Farms

Greg Jackson, CEO of Octopus Energy, has advocated for lower energy bills for people living near wind farms, such as those in Scotland, highlighting the inconsistency in nationwide electricity pricing (click here to read more on what renewable energy is). Octopus already offers discounts of 20-50% to customers near wind turbines during windy conditions, sparking significant local interest in wind farm construction. Jackson emphasized that utilizing locally generated electricity could reduce the need for expensive transmission infrastructure and prevent wasted wind energy, which added £40 to household energy bills in 2023. He called for market reforms to lower costs and promote investment in regions with abundant renewable energy. – Source [External Link].

21/06/2024 The Guardian- Octopus Energy To Repay £3bn Of State Support

Octopus Energy is set to repay nearly £3 billion to the UK government by September 2024, covering the state support used to take over the collapsed energy supplier Bulb. This repayment ensures that the 2021 bailout, initially seen as one of the UK’s most expensive rescues, will cost taxpayers almost nothing. Bulb was temporarily nationalized after its collapse due to surging wholesale energy prices. Despite legal challenges from competitors, the sale to Octopus was upheld by the courts as a fair and competitive process. Octopus CEO Greg Jackson praised the deal as a significant win for taxpayers, highlighting the company’s efforts during the energy crisis to ensure a cost-effective resolution. – Source [External Link].

18/06/2024 The Times – Octopus Energy To Invest $2 Billion In U.S. Clean Energy

Octopus Energy is committing $2 billion to U.S. renewable energy projects by 2030, marking a significant expansion into the American clean power market. The UK’s largest electricity supplier has acquired two solar farms in Pennsylvania and Ohio from Vesper Energy, with a combined capacity to power 20,000 homes. This move builds on Octopus’s U.S. presence, which began in 2020 with its Texas retail energy business and expanded through electric vehicle leasing and the Kraken technology platform for optimizing battery storage (click here to read more about Octopus Energy’s investments into green energy). – Source [External Link].

23/05/2024 The Standard – Buy Now Pay Later Solar Panels Launched By Octopus

Octopus Energy has introduced a “buy now, pay later” (BNPL) scheme in partnership with Zopa Bank, allowing customers to finance solar panel installations by spreading the cost over up to seven years. With this new option, Octopus aims to make solar energy more accessible to households, offering a more affordable way to tap into a clean energy source. The typical installation cost of £9,200 for 10 panels and a battery can now be repaid in monthly instalments at a 9.9% APR. Octopus is also offering similar financing options for fast-charging EV chargers, expanding access to green energy solutions while maintaining regulated affordability checks to minimize debt risks (click here to read more about Octopus Energy’s Solar installation options). – Source [External Link].

27/01/2024 Octopus Reports First Ever Annual Profit

Octopus Energy reported its first annual profit in 2023, marking a significant milestone since its launch eight years ago. The UK’s largest electricity supplier and second-biggest gas provider earned a net profit of £203 million, with revenues tripling to £13 billion. This growth was driven by an expanding customer base, now reaching 7.7 million globally, including customers acquired from the collapsed Bulb Energy. Octopus founder and CEO Greg Jackson credited the company’s continued momentum, supported in part by historically high energy prices during the period. – Source [External Link].

23/09/2023 The Financial Times – Octopus Energy To Acquire Shell’s UK Household Supply Business

Octopus Energy is set to acquire Shell’s household energy supply divisions in the UK and Germany, bringing on board 1.4 million UK customers and 100,000 in Germany. This acquisition will make Octopus the UK’s second-largest energy supplier, trailing only British Gas. The deal, expected to close by year-end, marks a significant step in Octopus’s rapid expansion, following its acquisition of Bulb’s customer base in 2022. The transaction includes Shell’s broadband customers and could lead to a partnership on electric vehicle charging infrastructure. – Source [External Link].

16/02/2023 Money Saving Expert – M&S Energy To Close And Octopus To Take Customers Over

M&S Energy is exiting the energy market, and its 60,000 customers will be automatically transferred to Octopus Energy in April 2023. M&S Energy operated as a “white-label” of Octopus, meaning it supplied energy using Octopus’s license and services. While customers will now be billed directly by Octopus, they won’t experience any disruption in supply, and rates will remain the same. Octopus has assured that the transition will be seamless, with no changes to fixed deals or account access. Octopus Energy praised the partnership’s five-star customer service record and promises to maintain the same high standards. – Source [External Link].

29/10/2022 The Guardian – Octopus Energy Takes Over Collapsed Bulb, Acquires 1.5 Million Customers

Octopus Energy has finalized a deal to acquire its bankrupt rival Bulb Energy, taking on 1.5 million customers and 650 staff members. After nearly a year under government support, Bulb’s collapse had cost taxpayers billions. Octopus will compensate the government and enter a profit-sharing agreement for up to four years. The transfer process, subject to approval, aims to secure a smooth transition for Bulb’s customers. Octopus’s CEO emphasized their commitment to delivering value for taxpayers while ensuring a stable future for Bulb’s staff and customers. – Source [External Link].

31/07/2018 Ofgem – Ofgem Appoints Octopus To Take On Iresa Customers

In 2018, Octopus Energy was appointed by Ofgem to take over the customers of Iresa after the company went out of business. Following a competitive selection process, Octopus offered Iresa’s customers its highly competitive “Flexible Octopus” tariff, ensuring their energy supply continued uninterrupted. Octopus also committed to honoring all outstanding credit balances, both for current and former Iresa customers, and facilitated a smooth transfer without exit fees for those wishing to switch later. With its strong customer service reputation, Octopus Energy assured a seamless transition while maintaining affordable energy tariffs for its new customers. – Source [External Link].