Octopus Energy Flashcards
Who is the founder
Greg Jackson
When was it founded
2015
Award
The Renewable Energy Association 2019 award for company that has done the most to advance UK renewables
How is their energy green
For every electron taken from the grid they invest another into the generation of a ‘green’ electron to take its place
What is the parent group
Octopus group
What does the parent group do
Octopus Group invest in solar energy through Octopus Renewables, which are the largest investor in solar energy in Europe
What pricing systems do they use
Agile pricing so take market price and times by 2.2 and add fixed charge
What trials have they been doing
Negative pricing system - pay customers for the energy they consume in a window on Sunday
What has happened to energy demand
Over Covid the demand for energy has fallen by 13%, along with good weather (so there is a power surplus)
Powervault
Powervault 3 barrettes to store free solar energy of cheap energy from the grid, placed in home. This is demand-side response technology
Benefits of octopus energy
- Affordable due to agile and negative pricing
- Easy to switch
- Customer satisfaction
- Solar farms
- Invest in low CO2 alternatives
- Transparent
Future
Future Energy Research Centre researches ideas and data on consuming energy and what a 100% renewable system looks like
Problems w/OE
- Issues with smart meters arriving or working (large infrastructure)
- Customer service - told just to look at the website sometimes
What is good customer service
- Empathising
- Personalised response
- Understanding of services provided
- Problem solving
What can learn from competitors
- Ecotricity provides green and vegan energy, OE has reduced animal products but still uses slurry
- Customer loyalty and trust of big 6 as their customers rarely change, have referral scheme but no early exit fees
