Octopus: Sustainability at the Heart of UK's Premier Energy Provider

Octopus Energy, a disruptor in the energy supply sector, now stands as the UK's leading energy provider, surpassing industry veteran British Gas

‍Octopus Energy, although a newcomer to the energy sector, has emerged as the dominant provider in the UK. Established in 2015 by Cambridge economics graduates Greg Jackson and Stuart Jackson, the company rapidly expanded, garnering almost 200,000 customers within three years and securing a major energy procurement agreement with Shell.

Leading the sustainability charge

Octopus Energy is not only a frontrunner in the market but also a trailblazer in sustainability. With a commitment to supplying the planet with affordable, clean energy, Octopus Energy has made significant strides in reducing carbon emissions. Customers benefit from homes with a zero carbon footprint, well below the UK average, resulting in emissions savings comparable to planting 287 trees yearly. The company operates £6 billion (US$8.7 billion) worth of renewable generation, capable of powering four million homes, sourced from 700 green energy producers in the UK alone. Former US Vice President Al Gore, Founding Partner and Chairman of Generation Investment Management, praises Octopus Energy as a prime example of a mission-driven company that facilitates a sustainable future. "Octopus is a living example of the kind of company that generation was founded to invest in," he stated. "It is a company that is a true enabler of a sustainable system led by a mission-driven team." In addition to its renewable energy initiatives, Octopus Energy compensates over 100,000 British households for their home solar power, generating over 1.2 billion kWh of electricity annually, enough to power nearly half a million homes for a year. Furthermore, the company offsets over a million tonnes of CO2, equivalent to eliminating more than 1,000 flights from London to New York.

Stuart Jackson, CFO and Co-Founder of Octopus Energy

Octopus Energy's remarkable journey from a fledgling startup to a global energy leader not only highlights their business acumen but also underscores the critical role of sustainability in shaping the future of the energy sector.

The Rise of Octopus Energy

Today, Octopus Energy's reach extends well beyond the borders of the UK. Operating in 18 countries and catering to approximately eight million households, it has emerged as one of Europe's largest investors in renewable energy, overseeing a portfolio valued at £7 billion (US$8.7 billion). Octopus Energy's expansion is driven by various factors. Their unwavering commitment to supplying 100% renewable electricity, alongside innovative smart tariffs such as Agile powered by AI and equitable pricing strategies, has attracted over 1.9 million net customers since the first quarter of 2023. Their dedication to delivering exceptional customer service has further cemented their standing in the market, with over 800,000 customers transitioning to Octopus from other providers. Greg Jackson, Co-Founder of Octopus Energy, credits their success to ongoing investments in exceptional talent and state-of-the-art technology, aimed at enhancing customer service while driving down costs.

Greg Jackson, CEO and Co-Founder of Octopus Energy

He added: “I hope that we can inspire both entrepreneurs and existing companies that by investing for the long-term, and truly focusing on customers, they can deliver success for themselves and for those they serve.”

Source: Sustainability Magazine