Watt did you say? Octopus Energy launches Free Elec Sesh

• UK’s largest power supplier launches ‘Free Electricity Sessions’
• Customers cash in by using more electricity when wholesale prices plummet
• Helping balance the energy system by tapping into surplus renewable energy

London, 14th August 2024 – Octopus Energy is charging up the savings game with its new ‘Free Electricity Sessions’, giving customers free extra electricity when the grid is at its greenest.

Starting today, customers who are signed up to the ‘Octoplus’ rewards scheme can revel in cost-free electricity when the wholesale price of electricity drops significantly or goes negative.

UK renewables are at a record high, and in the past year alone there were 14 days where electricity prices dropped below £0 due to excess renewable energy being generated.

During these times, wind farms are often paid to shut down to prevent grid overload, meaning valuable green electrons go to waste.

By powering up during these periods, households can maximise green energy availability – making the system more efficient and lowering system costs for all.

Eligible customers will get a heads-up the day before each session. When it’s go-time, customers can unleash their appliances – from charging gadgets to running a marathon of laundry – and any extra electricity consumed above their normal use won’t cost a single penny*.

This electrifying scheme is available to all Octoplus customers that have an active direct debit, or pay by smart prepayment, and have a smart meter. More information about Octopus’ ‘Free Electricity Sessions’ can be found here.

Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy, commented: “Free electricity sounds like it’s too good to be true… but it’s real!

“By using more when there is plenty of renewable energy instead of when the grid is dirty, our customers can save money while making the grid greener and more efficient. It’s a win-win for our customers and the planet.”

Over 1.7 million Octopus customers have joined the ‘Octoplus’ scheme so far, racking up redeemable ‘Octopoints’ simply by keeping a healthy energy account or reducing their energy usage during the company’s legendary ‘Saving Sessions’.

Eligible customers can sign up via the banner in their online accounts or in their app. Please visit https://octopus.energy/octoplus/ for more information.

-ENDS-

Notes to editors:

*‘Free Electricity Sessions’ will work as follows:

• Octopus will calculate the cost of the extra electricity a customer uses above their normal use, and credit their account with the equivalent value within 14 days of each session.
• Octopus will use historical smart meter data to work out a customer’s typical energy use at that time of day.
• If the ‘Free Electricity Session’ is on a weekday, Octopus will use the customer’s half-hourly usage over the last 10 weekdays.
• If the Session is on the weekend, Octopus will use the customer’s half-hourly usage over the last 4 weekend days. Octopus will not include days where a session took place in these calculations.

Press Contacts

Octopus Energy Group

press@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy Group

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 8 million households globally. Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects.

Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy. 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. For more information, check out our website.