The energy sector is having its Uber moment

Octopus Energy founder Greg Jackson made a big splash at COP 28 – the United Nations Climate Change Conference hosted in Dubai last December.

“It means we can just get rid of all the coal standby. It costs 10 times less than coal to pay consumers. That’s what we did today,” he said. For the electricity grid owners, it helps stabilise the peaks and troughs of power demand and supply in a world heading towards a renewable energy future. The soaring valuation of Octopus Energy helped defeat a $20 billion bid for part-owner Origin Energy, which faced climate protests at last year’s AGM. A successful bid would have triggered $30 billion worth of renewable investment spending by the Brookfield-led consortium.All of Origin’s retail customers are now on Kraken, and the group says it is on track to deliver on forecast cash cost savings of $200 million to $250 million a year – compared to a 2018 baseline – by 2025.

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