Octopus Energy’s Tentacles Reach Lubbock as Retail Electric Market Opens

Houston-based Octopus Energy becomes a default provider in Lubbock on January 5

Lubbock, TX – January 5, 2024 – Houston-based renewable energy retailer Octopus Energy is proud to announce its expansion into the Lubbock market. Octopus is bringing cheaper, simpler and greener energy to transform the way residents of Lubbock experience traditional energy. Driven by technology and innovation, Octopus offers one of the cheapest smart rates to make energy more affordable, while powering a more sustainable grid. Customers can unlock these rates by connecting smart devices (thermostat, electric vehicle charger) for bigger discounts.

Octopus Energy joins the deregulated energy retail market as one of three default providers. The switch to a competitive retail market allows Lubbock residents to choose their electric provider for the first time.

“Legacy energy providers have been undeserving customers with outdated and complicated energy plans for years,” Octopus Energy CEO Michael Lee said. “Instead of sticking a band-aid on an ongoing problem, we realized we wanted to bring simple, affordable energy to Lubbock with outrageously good customer service. We are turning the energy industry on its head and rethinking the way customers interact with their providers. We want our customers to love us!”

Octopus Energy’s bottom line is about making energy cheaper and greener for its customers, which means there are always incentives for a better energy rate available. Customers who own a smart thermostat, electric vehicle (EV), or have a home battery/solar panels can save even more when they connect these smart devices to the ‘Intelligent Octopus’ platform. Octopus pays top dollar when the grid needs energy the most. Customers with solar panels can earn solar buyback credits with one of the best buyback plans in the state – turning their homes into mini power plants.

‘Intelligent Octopus’ is a smart plan feature that automates customers’ energy usage and rewards them with savings for using energy when demand on the grid is low.

To learn more about Octopus Energy plans and discounts, visit online here.

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About Intelligent Octopus:

Intelligent Octopus: A smart device management feature that automates customers’ energy usage and rewards them with savings for helping to balance the grid when the grid is constrained. This allows Octopus Energy to offer the cheapest electricity rates in the market by unlocking customer flexibility. Intelligent Octopus automates customers’ smart products like Wi-Fi-enabled home thermostats and electric vehicles.

• Lowering or raising the temperature of a thermostat by just a few degrees can help to decrease stress on the grid and reduce the chance of grid disruptions, like rolling blackouts, during extreme weather.
• Customers on Intelligent Octopus for electric vehicles can smart charge their EV at the greenest of times. Customers just need to plug in their EV to its home charger, tell Octopus when it needs to be charged and go. It’s the ultimate set-it-and-forget-it charging tool. On average, customers pay about $10 a month to charge their EV with Intelligent Octopus.
• Customers who switch to Intelligent Octopus download an app, sign into it, and then integrate their smart device.

About Octopus Energy:

Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer-focused and affordable green energy revolution. It is part of Octopus Group, which is a certified BCorp. With operations in 18 countries, Octopus Energy Group's mission has gone global. Octopus Energy entered the U.S. market in 2020, forming Octopus Energy US. In January 2024, Octopus Energy US officially entered the Lubbock retail choice market as one of three default providers.

In December 2023, Octopus Energy Group was valued at approximately $7.8 billion following investments from Generation Investment Management, Canada Pensions Plan Investments Board, Origin Energy and Tokyo Gas.

Media Contact:

Brenda Koopsen

octopusenergyus@harpswood.com

us-press@octoenergy.com