Ofwat CEO Rachel Fletcher joins Octopus Energy to help drive global decarbonisation of energy
- Fletcher will join as Director of Regulation and Economics, helping the company drive a cheaper, greener energy system globally
- Energy tech business Octopus Energy Group is now valued at $2.1bn, following $577m investment and c. $400m of technology licensing in 2020
- Octopus Energy now serving over 1.9m UK customers and has licensed its tech to serve 17m accounts globally
London, 2nd February 2021 - Octopus Energy, the energy tech disruptor, has announced the appointment of Rachel Fletcher, CEO of water regulator Ofwat, to join its team with the mission to drive a cheaper, faster decarbonisation of global energy systems through technology.
Octopus Energy Group is the UK’s fastest growing private company, owning Octopus Energy, one of the UK’s leading energy suppliers, Kraken Technologies, licensing to companies including E.On/NPower and Good Energy in the UK, and with operations in Germany, Japan, Australia and New Zealand. OEG also leases electric vehicles and operates the Electric Juice roaming network for EV charging.
As CEO of Ofwat, Rachel Fletcher actively pushed for environmentally sustainable, resilient and affordable water and waste services that better meet people’s needs. Prior to Ofwat, Rachel was Head of Retail at Ofgem and an Energy Consultant at PWC. Rachel studied economics at Sussex and Cambridge.
At Octopus, Rachel will help Octopus define, and campaign for, the lowest cost path to a green energy system. With renewables increasingly cheaper than fossil fuels, the key issue is finding ways for consumers to benefit from cheap green power, rather than paying more through an outdated energy system.
Greg Jackson, CEO and founder of Octopus Energy, comments:
“When I first met Rachel I was impressed by her no-nonsense style and a clear sense of purpose, championing consumers against sectoral interests. She brings her drive, intellect and passion to Octopus as we seek to deliver low-cost, tech-driven, decarbonisation of energy in the UK and around the world.”
Rachel says “I’m very excited to be joining Octopus Energy. Greg Jackson and his team are on a mission to bring about a fast, efficient and just transition to net zero. In the space of a few years they have shown what can be achieved with a clear purpose, leading edge technology and a focus on treating people fairly. I look forward to being part of the Octopus team, working towards these goals that are so vital for people and the planet.”
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Notes to editors:
About Octopus Energy Group
Octopus Energy Group was launched in 2016 with a vision of using technology to make the green energy revolution affordable whilst transforming customer experiences. Its domestic energy arm already serves over 1.9 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, London Power and Co-op Energy.
Octopus Energy for Business manages over 25,000 customers with proprietary energy offerings. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes.
All of these are made possible by OEG'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 17 million accounts worldwide, through deals with Good Energy, E.ON energy and Origin Energy.
In December 2020, Octopus Energy Group was valued at over $2 billion after closing its second investment round of the year led by international energy companies Tokyo Gas and Origin Energy. With operations in the US, Japan, Germany, New Zealand and Australia, Octopus Energy Group's mission to drive the affordable green revolution is going global.
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