Octopus Energy’s innovative solutions for energy transition
As a fairly new business to the industry, Octopus Energy is focused on futureproofing the energy sector. Founded in 2016, the company is committed to ensuring that customers are purchasing energy from renewable sources.
Octopus has been recognised in the press for many endeavours to support the renewable energy switch, such as the purchase of biomass power plants, the acquisition of wind power, and the adoption of electric vehicles for its operations in London. Its latest news, following the COP26 Climate Conference, is a partnership between its Kraken Technologies and Elia Group—a Belgian energy innovator.
Octopus standardises renewable energy
The aim of the company is to provide its clients with the necessary products while ensuring clean energy usage to minimise their climate impact. Octopus offers a 100% renewable energy service with options to offset carbon emissions from gas. While offering the required solutions for customers, it is also a big innovator in the technology space with plans to develop the future of the industry.
Just one year after the business started, it released the Octopus Tracker, which utilises data from wholesale energy prices to provide first-class price transparency to its customers. The application is continuously updated to give clients the most accurate pricing information.
Investing in the future of the energy sector
In an effort to ensure clean energy adoption, the company is undergoing acquisitions and investing in renewable energy sources through its investment firm, Octopus Investments. The group also has smart meter technology in its sustainability arsenal as it develops new ways for consumers to gain more flexibility from their energy plans.
The Agile Octopus is the firm’s solution for saving consumers money and encouraging efficiency. Users receive half-hourly prices, which are linked to wholesale values, making customers’ bills more versatile during off-peak periods. The Plunge Pricing feature leverages the fluctuation of available energy in the grid, meaning that prices fall when sources are high and increase with scarcity. On top of this, clients are guaranteed price caps to avoid any unforeseen increases in their payments.
Octopus introduces electric vehicle technology
As we have seen previously, Octopus has electrified its operations in London, but its scope goes beyond this as it assists British drivers to switch to greener vehicles. Championing the EV revolution with Powerloop, Octopus offers an EV leasing bundle that allows consumers to power their homes with their cars during peak energy periods.
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