Squids in: Octopus Energy pays £1 million to customers through revolutionary ‘Saving Sessions’
- Octopus has paid out over £1 million to energy-conscious customers for just four hours of flexibility service
- Over 250,000 customers took part in each of the first four test sessions, proving that they love turning down energy usage for cash
- Top 5% of savers earned almost £20 across all test sessions so far
- Another ‘Saving Session’ planned for tonight between 5-7PM
London, 12th December- Octopus Energy customers across the country have been paid £1 million for reducing their energy usage during the company’s first four ‘Saving Sessions’.
Octopus’ revolutionary energy-saving scheme is enabled by National Grid ESO’s new ‘Demand Flexibility Service’ which allows households to get paid for shifting their energy usage out of peak times.
Over a quarter of a million customers took part in each of the hour long sessions. There have been four sessions in total so far where the National Grid is looking for reduced energy demand to help balance the grid. In total, nearly half a million customers have signed up to the scheme so far and will still have a chance to rake
Together, Octopus customers lowered the energy demand on the grid during each of these peak periods by over 100MW - the same amount as a gas power station can produce in an hour. Across all four sessions, customers moved almost 450MWh of energy consumption out of peak times, that’s enough energy to fully charge one smartphone per UK household.
Customers saved on average over £4 across the first four sessions, with the top 5% of savers bringing in almost £20*.
This evening, on Monday 12th December, there will be another ‘Saving Session’ for participating Octopus customers, offering them the chance to make money for all the electricity demand they reduce between 5-7PM.
Alex Schoch, Head of Flexibility at Octopus Energy Group, commented: “This is a massive milestone - across just four hours, we’ve been able to pay out £1 million to our customers. Normally, this money would have gone to businesses or dirty gas power plants to balance energy demand, instead it’s helping people lower their energy bills this winter.
“We are proud to have pioneered this trailblazing scheme, which is paving the way towards a smarter, greener and cheaper grid for all. And we’re glad that other energy suppliers are now getting involved, allowing even more people to grab a bargain and lower bills for everyone.”
Octopus Energy smart meter customers who are yet to take part can still sign up for the scheme here: https://octopus.energy/saving-sessions/
The scheme is enabled by a new flexibility service National Grid ESO launched this winter following previous Octopus trials, which gives all UK energy suppliers the option to financially reward customers who reduce their electricity usage during times of peak demand. The service, which aims to help balance the grid and lower the UK’s dependence on gas, is the first and largest of its kind in the world.
Notes to editors:
*All earnings were paid in the form of ‘Octopoints’, which can be exchanged for energy account credit, cash or eventually prizes and donations to the £15m ‘Octo Assist’ fund, helping people who are struggling with their energy bills at the moment.
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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 £4 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 20 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.
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