Rochelle Toplensky of The Wall Street Journal reports on Octopus, who is hoping to cut costs and increase renewable energy use in Texas.
- British electricity supplier Octopus Energy recently entered the Texas power market with its innovative Uber-like approach to renewable retailing.
- Octopus’ energy management system offers cheaper prices to consumers who have agreed to allow the platform to shift their demand from times of shortage to those of abundant supply.
- In the UK Octopus has used its system to cut EV charging costs by 75% for its customers.
- Octopus has chosen Texas due to its wholesale, deregulated energy market.
“Octopus more than doubled its retail customer base over the last two years, acquired failed rivals including Bulb and Avro, and bought oil-and-gas giant Shell’s U.K and German retail utility businesses. The group’s businesses now include EV leasing, installation of smart meters and EV chargers, a heat pump manufacturer and a renewable-generation business with a $7.6 billion portfolio. It also has a fan club that offers local customers cheaper power when Octopus wind turbines in their area are turning.”
Read the full article here.