Octopus Energy grows UK’s largest virtual power plant

• Octopus Energy’s unique smart tariff ‘Intelligent Octopus’ reaches over 100MW of car batteries, surpassing the largest battery on the UK grid
• Tariff offers overnight off-peak rates, saving electric car drivers over £760 a year on charging
• Cars managed by Intelligent Octopus hold enough energy to power the city of Leicester for a full hour
• Octopus’s smart tariff accelerates the flexible green grid, driving savings for all

London, 8th February 2023 - Octopus Energy, the UK’s third largest energy supplier, now manages over 100MW of electric car charging power via its smart tariff ‘Intelligent Octopus’ – more than the largest battery on the grid.

Intelligent Octopus is the UK’s first 100% flexible car charging tariff, providing cheap, clean electricity for 10p per kilowatt hour (kWh) when it is best for the grid. This allows an average driver to charge their electric vehicle (EV) for less than a third of what it would cost to charge up on a standard variable tariff, reducing fuel costs to about 3p per mile.

The combined capacity of the car batteries on Intelligent Octopus holds more power than the Minety Battery Storage Facility in Wiltshire, with 100MW currently the largest battery on the grid. The cars on the tariff hold enough energy to power a city the size of Leicester for an hour.

Intelligent Octopus customers use the Octopus Energy app to set the time (and amount) they want their vehicle charged by. The company’s energy technology platform - Kraken - then works in the background to automatically charge the cars up when there is abundant, low cost energy and when the grid is less busy, helping to balance out demand and supply on the grid. By doing so, Intelligent Octopus is able to contribute to a flexible grid that doesn’t require expensive balancing costs - bringing down energy bills for everyone.

Alex Schoch, Head of Flexibility at Octopus Energy, commented: “We urgently need to build flexible grid technology to turbocharge the green energy system. The tariff acts as a virtual power plant, shifting demand out of peak times and therefore cutting bills for everyone.

“As more electric cars take the road and steal market share from old-school gas-guzzlers, we need even more solutions like Intelligent Octopus to handle the extra devices, increase the grid’s resilience and promote a green energy future.”

Octopus launched Intelligent Octopus in 2022 as a specialist tariff for managing smart tech solutions. As well as across the UK, it is live in Texas, USA (where it optimises customers’ smart thermostats) and forms the control mechanism for Octopus’s latest initiative, the Zero Bills home. This groundbreaking proposition smartly manages home hardware to guarantee zero energy bills for the homeowner. Octopus is working with leading housebuilders to target 10,000 zero bills homes built by 2030.

Customers can sign up to Intelligent Octopus in minutes through the Octopus Energy app. For more information, customers can head to the Octopus Energy website.

ENDS

Notes to editors:

Press Contact:

Octopus Energy

Sam Salehi

T: +44 (0)20 45308369

E: sam.salehi@octoenergy.com

About Octopus Energy Group

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 19 countries, Octopus Energy Group's mission is going global.

Octopus’s domestic energy arm already serves 4.9 million customers with cheaper greener power, through Octopus Energy, Bulb, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a nearly £6 billion portfolio of renewable energy assets throughout the continent.

All of these are made possible by Octopus’s tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to supports 30 million customer accounts worldwide, through deals with EDF Energy, Good Energy, E.ON energy and Origin Energy.

In December 2021, Octopus Energy Group was valued at approximately $5 billion following investments from Generation Investment Management and Canada Pensions Plan Investments Board. Both investors back businesses that drive sustainability, promote green energy and tackle climate change. It was the company’s third major investment round since launching to the market.

For more information, check out our website.