Octopus Energy – Responsible Business Champion: Environment

Octopus Energy. Doing energy better — for the community and the environment

The UPS Environmental Sustainability Award

Octopus Energy’s strategy ‘doing energy better – for the community and the environment’ takes an innovative and customer-focussed approach to generating renewable energy and tackling climate change. Beyond being an eco-friendly choice for consumers, it also supports local renewable energy generators – keeping energy and profits local.

We’re investing in a carbon-free cycle through low-cost storage and agile pricing.

Greg Jackson, Octopus Energy, CEO and Founder

Environmental impacts

Octopus Energy has:

  • made carbon reductions from affordable clean energy, that rewards responsible consumption and tackles climate change
  • provided cleaner healthier air for individuals, communities and the environment
  • supported local renewable energy generators to decentralise supply and benefit local communities
  • In terms of carbon reductions, its 1.4m customers have saved 4,900,000 tonnes of CO2 annually by switching to Octopus Energy. Thanks to its radical thinking and proprietary technology, it can supply households, EV drivers and businesses across the UK with 100% renewable smart tariffs and add ons. And because its cost base is 75% lower than some rivals, it converts efficiencies into low prices for its customers, rewards and incentives for referring others – such as a two-way referral £50 credit off the next bill.
  • provides cleaner healthier air: the company is saving 20 tonnes of CO2 annually from planting 10,000 trees at 600+ nominated schools and communities
  • trapped harmful nitrogen dioxide (detoxifying the surrounding air by between 7% and 24%), also drawing attention to the air pollution that kills 40,000 Brits every year
  • by supporting 75+ local generation projects, it has helped provide 110+ gigawatt-hours of sun, wind and hydro power to its customers. This, in turn, encourages more local renewable suppliers to emerge in the market, which pumps more money directly back into local economies and takes further pressure off our energy grid – for sustainable long-term benefits.

Business impacts

The company has:

  • made global customer growth from recommendations, referrals, acquisition and licensing its Kraken platform
  • made profitable and sustainable growth from a business model that is built to last and has greater ability to accelerate growth thanks to having lower costs than rivals
  • grown influential global commercial partnerships thanks to its unrivalled reputation and track record
  • achieved outstanding impact on bottom-line growth in addressing climate change, carbon and energy conservation – forecasting £1.4bn turnover (FYE20) and £1.7bn (FYE21)
  • grown its market share to 5% customers from 0 to 1.4m in just four years, and businesses to 10,000+ by scaling organically through customer recommendations and referrals, rescuing customers of failed energy providers via Ofgem process, and acquisition.

“We started Octopus Energy because we passionately wanted to bring fairer practices and better value to the people of Britain. We all need energy but the way we buy and consume it is broken. Four years ago, we had a business plan and loads of ambition.Today, we’re proudly helping 1.4m+ households and 10,000+ businesses to cut carbon and costs – driving innovation and keeping sustainability firmly at our heart. “We’re investing in a carbon-free cycle through low-cost storage and agile pricing. This is a huge step forward for climate change, enabling us to keep cutting the cost of renewable energy. And by funding and using local renewable power from the community, for the community, when the sun shines, the wind blows and rivers run, we take the pressure off the national grid and save the world from using even more fossil fuels.” Greg Jackson, Octopus Energy, CEO and Founder.

TOGETHER WE CAN BECOME PARTNERS IN CHANGE