Cleaning Up: Leadership in an Age of Climate Change

⁠The Kraken Wakes: Creating the Utility of the Future | Ep175: Greg Jackson

Sep 4, 2024

Greg Jackson, the founder and CEO of Octopus Energy, discusses the incredible rise of his company to become the UK's largest energy provider in under ten years. He dives into concepts like locational pricing, which could boost renewable energy, and shares ambitious plans for a zero-carbon electricity system by 2030. Jackson discusses the innovative Kraken platform, customer engagement strategies, and how technologies like heat pumps and electric vehicles are shaping the future of energy. His insights highlight the challenges and opportunities within the evolving energy landscape.

01:09:12

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Greg Jackson

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Quick takeaways

Octopus Energy's rapid growth to becoming the UK's largest energy supplier reflects its innovative technology and customer-centric approach amidst market challenges.

Implementing locational pricing in the UK could save consumers £51 billion by 2040, promoting investments in renewable energy infrastructure tailored to local resources.

The company's commitment to flexibility in electric vehicle charging through its Intelligent Octopus tariff showcases a model for grid stability and customer savings.

Deep dives

Regional Pricing Potential

Implementing regional pricing in the UK could result in significant savings, potentially £51 billion by 2040 on energy bills. Every region would see reductions in costs compared to current pricing structures. This shift would be particularly beneficial for areas with abundant renewable energy resources, as pricing would adjust according to local supply and demand. Such a change would also attract investments in necessary infrastructure where energy generation is most needed.

Leveraging Technology for Market Dominance

01:30

Harnessing Energy: Powering Smart Choices

01:06

Swift Change Through Parallel Innovation

01:24

Zero Emissions Demand a True Commitment

01:08

Intro

4min

Significant Growth in Energy Retail

2min

Growth in Energy Management and Technology Expansion

2min

Navigating the Energy Landscape: Growth and Innovation

22min

Future Strategies and Investor Engagement

4min

Engaging Consumers in the Energy Transition

2min

Transitioning to Sustainable Energy: EVs and Heat Pumps

15min

Challenges of Electricity Pricing in the UK

16min

Reflections on the UK Economy and Future Energy Insights

2min

How does a startup become the largest provider of electricity in the UK in less than a decade? What is locational pricing and how could it encourage more renewables? And is it possible to achieve a zero-carbon electricity system by 2030?

Welcome to the first episode of Season 13 of Cleaning Up, in which Michael Liebreich sits down with Greg Jackson, the founder and CEO of Octopus Energy, to uncover the incredible story behind the company's rapid growth and its transformation into a global energy powerhouse.

Greg and Michael explore how Octopus Energy has gone from a small startup to the largest energy supplier in the UK, directly serving over 7 million households, and with a presence in 8 of the top 10 competitive energy markets worldwide. Greg reveals the key drivers behind Octopus Energy's success, including the innovative Kraken platform that powers their operations, the strategic acquisitions that fuelled their expansion, and the company's unwavering focus on customer-centric solutions during the recent energy crisis.

The story doesn't end there. Greg shares his ambitious vision for the future, whether or not its possible to reach 1 billion Kraken licenses by 2030 and the company's groundbreaking work in areas like locational pricing, electric vehicle integration, and the electrification of home heating.

Leadership Circle

We are delighted to announce the Cleaning Up Leadership Circle, and our founding members: Actis, EcoPragma Capital, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation and Wärtsilä. For more information on the Leadership Circle and how to become a member, please visit https://www.cleaningup.live

Links & More

Episode 32: Building the Billion-Customer Energy Company — https://www.youtube.com/watch?v=x9kHNMyH7bw
Episode 154: Green Heat (and Cooling) Under our Feet — https://www.youtube.com/watch?v=-TpHa-uU6lc
Michael at the Imperial College Energy Futures Lab, and the subsequent panel discussion with Greg Jackson — https://www.youtube.com/watch?v=w0Q9cuF8zKg
Octopus Energy customers provide 108MW of grid flexibility in first ‘Saving Session’ — https://octopus.energy/press/believe-it-or-watt-octopus-energy-customers-provide-108mw-of-grid-flexibility-in-first-saving-session-equivalent-of-a-gas-power-station/

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Cleaning Up: Leadership in an Age of Climate Change

⁠The Kraken Wakes: Creating the Utility of the Future | Ep175: Greg Jackson

Episode guests