Share the load: New Octopus Energy tariff to lower bills for businesses with their own green power

• ‘Max Power’ tariff enables multi-site businesses to share the green energy they generate on one site with the rest of their locations
• Latest innovation can help drive down bills by up to 25%
• Puts money back in the pockets of businesses making green choices

London, Tuesday 7th February 2023 - Octopus Energy launches a new tariff to help businesses with renewable generation to share the green power they generate on one site with the rest of their sites - and lower bills as a result.

The new ‘Max Power’ tariff allows businesses with two or more sites to send any excess renewable energy they’re generating to their other locations in the UK. Octopus estimates it could save businesses like these up to 25% off their annual electricity bills*.

The model works for those that may have solar, onshore wind turbines, hydro power, geothermal or even battery storage in one location to share it with their other sites. This new tariff can help businesses across sectors including agriculture, retail, logistics, warehousing, supermarkets, FMCG, and many more.

It builds on Octopus’ current suite of business tariffs including ‘Panel Power’, Octopus’ smart export tariff which pays solar-generating businesses 15p per kWh for excess energy they send back to the grid. ‘Max Power’ takes this a step further, so multi-site businesses can get the maximum out of the green power they generate by keeping it within their own business.

This is all made possible by Octopus’ proprietary tech platform Kraken. On Kraken, multi-site businesses are billed as one, making it easier to understand and manage their consumption.

It marks the latest way Octopus is enabling its business customers to benefit from new energy-saving initiatives to lower bills. For example, Octopus ‘Saving Sessions’ scheme enabled by the National Grid ESO’s new ‘Demand Flexibility Service’ allows business customers to get paid for shifting energy usage out of peak times.

Zoisa North-Bond, CEO of Octopus Energy for Business comments: “Businesses generating their own renewable energy can now bring their bills down further by sharing their cheap green power across their entire estate. Innovation like this puts money back in the pockets of British businesses and gives them greater control over how they use their energy. We’re showing that the greener choice can and should also be the cheaper choice.”

Businesses interested in signing up can find out more information here: https://octopus.energy/max-power/

-ENDS-

Notes to editors:

*The exact savings will depend on the size of the business, its average energy consumption, how much renewable generation it has installed, among other factors. Businesses can maximise their savings even further by shifting energy to when they have excess renewable energy generated.

Press Contacts

Octopus Energy Group

Amy Boekstein

PR Manager

amy.boekstein@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy for Business

Octopus Energy for Business launched in 2018 to provide companies with future-proof energy services, supplying them with 100% renewable and fairly priced power. The team supplies 45,000 customers, from SMEs to large organisations such as the Emirates Stadium for Arsenal FC. For more information, check out our website.

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.