If you ever wonder how your home’s energy use is likely to shift as the world races to net-zero emissions, a lofty warehouse west of London might offer a glimpse of the future.
Once more consumers opt for rooftop solar panels coupled with home batteries or electric vehicles, those benefits could be multiplied, explains Octopus Energy chief executive Greg Jackson, as all-electric homes could run off the power that they have already stored and sell surplus energy into the grid at profitable times.It’s not only a clean energy revolution that’s sweeping the power sector, says Jackson, but a digital revolution, too.
Since starting in 2016, Octopus’ energy retailing business has gone from zero customers to becoming the United Kingdom’s biggest electricity retailer this year, with 6.8 million accounts, overtaking the incumbent British Gas. The pair spoke to some of the country’s big six retailers, and some of the up-and-comers. “Octopus would have ranked 10th or so, with 300,000 or 400,000 customers,” says Briskin. But he and Bowie were left so impressed with what they heard that they soon asked Jackson: “Are you looking for investors?”
Increasingly, analysts are viewing Octopus Energy as a key growth driver for Origin as licensing revenue for its Kraken software platform rises and Octopus increases its market position in Europe, Asia and North America. By 2027, Octopus plans to serve 100 million homes across the globe on its Kraken technology platform.