Octopus Energy signs long-term energy deal from world’s largest wind farm
- Octopus Energy Group enters long-term deal to buy green energy from Dogger Bank through a Power Purchase Agreement with Shell
- Deal to provide up to 2.4TWh of wind energy to Octopus, enough to supply 24% of Octopus’ customers with renewable energy
- Dogger Bank to supply Octopus customers from as early as 2024
London, 15th December 2022 - Octopus Energy Group, the UK’s fourth largest energy supplier, has signed a Power Purchase Agreement (PPA) with Shell Energy Europe Limited to receive energy generated by the Dogger Bank offshore wind farm project.
Dogger Bank, currently under construction off the North East coast of England, is a joint venture between SSE Renewables, Equinor and Vårgrønn. Once completed, it will be the world’s largest wind farm, generating 3.6GW of green energy, enough to power roughly 6 million homes a year.
Shell Energy Europe, which has signed agreements to offtake 20% of the energy produced by Dogger Bank, will supply Octopus Energy with up to 2.4TWh of wind energy each year from Dogger Bank once it is fully operational. This will be enough energy to power around 24% of Octopus’ current customer base, or around 800,000 households.
Each turbine blade used in the Dogger Bank development is 107 meters long – which is about the length of a football pitch.
Octopus Energy Group is increasingly redefining what it means to be a green energy supplier. The company is one of Europe’s largest renewables investors, managing green energy assets worth over £5bn, with solar farms and onshore and offshore wind across 11 countries. It has also enabled its customers to be the first in the world to help the grid manage flexibility during times of potential blackouts.
Matt Bunney, Head of Energy at Octopus Energy Group, comments: “If the energy crisis has taught us anything it is that we need to move fast to an energy system based on cheap renewables – and Dogger Bank will help to get us there.
“We already manage renewable energy assets worth over £5bn, and I’m delighted that our team managed to secure a long-term contract under Shell’s PPA on top of this, bringing 2.4TWh of green energy straight into our customers' homes.”
Shell Energy Europe provides business customers with innovative, reliable and cleaner energy solutions and is delighted to be able to supply Octopus with renewable energy to help to progress the UK’s transition to a low-carbon future. Power is a growth priority for Shell and it is proud to support the development of one of the most ambitious renewable power projects around the world.
Notes to editors:
Dogger Bank is a joint venture partnership between SSE Renewables (40%), Equinor (40%) and Vårgrønn (20%). SSE Renewables is leading on the development and construction of Dogger Bank Wind Farm, and Equinor will operate the wind farm on completion for its expected operational life of around 35 years.
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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 14 countries, Octopus Energy Group's mission is going global.
Octopus’s domestic energy arm already serves 3.4 million customers with cheaper greener power, through Octopus Energy, M&S Energy, 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 £5 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 support over 28 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.
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About Shell Energy Europe
Shell Energy Europe provides business customers with innovative, reliable and cleaner energy solutions, helping them meet their energy needs and navigate through the energy transition. Through our portfolio of gas, power and environmental products, we offtake, trade, supply and enable our customers to get the most from their energy assets. Shell Energy Europe Limited acts through its agent, Shell Trading and Shipping Company Limited.
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