Energy Capital Podcast Flexibility as a Service with Octopus Energy US CEO Nick Chaset
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Texas’ retail electricity market was built to be a model for the world. When the state restructured its power sector in 1999, the idea was straightforward: unleash innovation, empower customers, and let competition drive costs down.
More than two decades later, the reality is mixed. Texans enjoy more choice than anywhere else in the US — and some of those choices are great — but too often, customers are steered toward gimmicky plans with hidden fees instead of real value.
On this episode of the Energy Capital Podcast, I talk with Nick Chaset, CEO of Octopus Energy US, about why the market isn’t reaching its full potential, how Octopus is trying to change that, and what policymakers can do to deliver a system that actually works for people.
The Stakes for Texas
Electricity consumption has gone from 400 terawatt-hours four years ago to nearly 500 TWh this year, a 25% jump. Peak demand hit 85 gigawatts in 2023 and 2024, up from 75 GW just a few years ago.
We’ve built new generation to meet that growth, mostly solar and storage, but the way we price and sell electricity hasn’t kept pace. Most Texans are still on outdated plans that don’t reflect when power is abundant or scarce, driving up costs for everyone.