Octo-power to the people: One million customers benefit from smart products
- Over one million Octopus Energy customers have helped reduce demand on the electricity grid in return for savings
- Customers pocketed more than £10 million in total across Octopus’ biggest ‘demand flexibility’ schemes
- Schemes reduce costs for customers and energy market as a whole
London, 26th October 2023 - Over one million Octopus Energy customers have now saved money via innovative energy efficiency and demand flexibility services the supplier has run.
Through a combination of schemes, and thanks to Octopus providing the UK’s largest suite of smart tariffs, more customers than ever before are making money by using less energy in peak periods.
Among them, over 300,000 customers are now signed up to Octopus’ innovative smart tariffs. Enabled by nifty smart meters, these tariffs charge customers less for their energy when the grid is cheaper and greener, benefitting everything from electric vehicles (EVs) and heat pumps to solar and home batteries.
Over 700,000 savvy customers have also shifted their energy usage out of peak times during ‘Saving Sessions’, the first nationwide household demand flexibility initiative in the UK.
Demand flexibility schemes like these play a crucial role in the UK’s transition to a greener future by relieving grid strain and minimising fossil fuel reliance, while also crucially putting money back in the pockets of consumers.
The scheme will run again this winter, with Octopus offering it to all of its 3.2 million smart meter customers.
In an effort to reduce customer gas usage during the energy crisis, a further 250,000 Octopus customers used less gas through the company’s energy efficiency scheme – ‘Winter Workout’.
When combining the savings made from ‘Winter Workout’ and money paid back to consumers through ‘Saving Sessions’, Octopus Energy customers have pocketed more than £10 million thanks to reducing their energy usage.
Alex Schoch, Head of Flexibility at Octopus Energy, comments: "By using less electricity during peak times, over one million Octopus Energy customers saved everyone money in system costs, and speeded us towards a green grid free from dirty fossil fuels.
“Instead of limiting the participation of households in balancing the grid, we need policymakers and system operators to double down on it, tap into this massive resource and make this the last fossil fuel energy crisis.”
Octopus Energy Group
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About Octopus Energy Group
Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 17 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.
Octopus serves 5.8 million customers globally through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 40 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy, with the potential for further 10 million to follow soon.
Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.
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