Octopus plans more tailor-made tariffs with Configurable
Octopus Energy Group has bought Configurable, an advanced energy software created by Wellington-based Marvel Labs, in a move to elevate Kraken’s market supply capabilities and create more tailor-made tariffs.
Kraken is Octopus Energy’s proprietary technology, a globally scalable platform designed to drive the smart grid and greatly improve the efficiency and customer service of energy suppliers.
The end-to-end platform is based on advanced data and machine learning capabilities and automates much of the energy supply chain, empowering customers to access power when it is cheaper and greener. Kraken is now contracted to serve 17 million energy accounts worldwide, targeting 100 million accounts by 2027.
The tech platform has enabled Octopus Energy to become a leader in smart tariffs, allowing the company to develop innovative products such as the half-hourly time-of-use tariff Agile Octopus, a bespoke tariff for vertical indoor farms, and its most recent invention – the ‘Fan Club’ – a tariff which gets cheaper as local wind blows stronger.
The integration of Configurable adds another layer of flexibility and speed to Kraken’s tech stack offering, enabling Octopus Energy and Kraken’s licensees to create "even more complex tailor-made dynamic tariffs" which support green energy, drive the smart grid and lower energy bills for business and domestic customers.
James Eddison, CTO and co-founder of Octopus Energy Group, said the times of generic fixed and standard tariffs are over, and we are entering a new era of smart tariffs. "The way we generate and consume energy is changing dramatically, leading us into a greener energy future. And energy suppliers need to evolve as well to make sure that their products meet their customers’ needs and drive this change for a better world," he said.
“We are always looking for new ways to innovate and create solutions which can help accelerate the transition to a truly flexible, green energy system, and Configurable is just perfect for that. It will allow us to build even more bespoke energy products across the globe, driving the renewable energy revolution faster than ever.”
Ari Sargent, CEO of Marvel Labs, said the future of retail energy looks bright as Configurable becomes part of Octopus Energy Group.
"We are excited to be joining forces with an organisation that has a global reach and who shares our ambitions to play a major role in accelerating the decarbonisation of electricity systems and the transition to a net zero world through use of smart technology."