26. Britain’s energy kraken: Greg Jackson on Octopus, rethinking renewables and the new age of energy technology
Jan 26, 2024
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Greg Jackson, energy expert and entrepreneur, joins the hosts to discuss Octopus Energy's journey, the benefits of their Kraken platform, the challenges of obtaining startup capital, and the importance of affordable renewables in the energy industry.
Octopus Energy aims to revolutionize the energy sector by making it more efficient, customer-focused, and environmentally friendly through the use of innovative technologies and Kraken, their customer service software.
Renewable energy is becoming cheaper and more economically beneficial compared to fossil fuels, and Octopus Energy is actively working towards building a more efficient energy system that harnesses the power of renewables while reducing costs and waste.
Octopus Energy advocates for reforms in the energy market, including regional pricing that reflects the true benefits of renewable energy, in order to expedite renewable energy development, achieve greater efficiency, and improve equity in the sector.
Deep dives
Octopus Energy's Founder's Journey and Vision
The founder of Octopus Energy, Greg Jackson, shares his journey from a tech enthusiast to building one of the biggest energy companies. Growing up in a household where resourcefulness was key, he always had a drive to create something meaningful. His entrepreneurial talents emerged at a young age, writing video games and setting up small businesses. Greg's vision for Octopus Energy is to revolutionize the energy sector, making it more efficient, customer-focused, and environmentally friendly. With the implementation of Kraken, their customer service software, and innovative use of AI, Octopus Energy is driving change in the industry.
The Power of Kraken and AI in Energy
The introduction of Kraken, Octopus Energy's software platform, has transformed customer service and cost efficiencies. With AI integration, Kraken has enhanced forecasting accuracy, reducing waste and optimizing supply and demand. AI algorithms also play a significant role in customer service, automating email responses while maintaining high customer satisfaction rates. Octopus Energy's aim is to make energy affordable, utilizing renewable sources and innovative technologies. The company is also leading the way in offering fair tariffs and exploring various approaches to address equity and fairness in the energy sector.
Renewable Energy and Transitioning to Cheaper Power
Greg Jackson emphasizes the importance of transitioning to cheaper renewable energy. He highlights the economic benefits of renewables, with prices continuing to decrease and renewables outperforming fossil fuels. Octopus Energy is actively working towards building a more efficient energy system, harnessing the power of renewables while reducing costs and waste. By leveraging AI and market structure reforms, Octopus Energy aims to make energy more affordable, accessible, and environmentally friendly for households and businesses.
The Challenges of the Energy Market and Future Solutions
Octopus Energy recognizes the challenges faced by the energy market, including grid connections and planning permission delays. They advocate for reforms to expedite renewable energy development and achieve greater efficiency. Reforms such as regional pricing that reflect the true benefits of renewable energy are crucial. Octopus has made significant contributions to renewable infrastructure, including supporting projects like X-Link's subsea cable from Morocco. They believe in the potential for a future with cheaper energy, reduced environmental impact, and improved equity.
The Global Impact of Octopus Energy and AI Innovations
Octopus Energy's influence extends beyond the UK, with licenses for their technology, Kraken, being used globally by 52 million utility accounts. Their innovative use of AI, combined with their commitment to providing better customer experiences and reducing costs, sets them apart in the industry. Octopus Energy's founder envisions a future where not only the UK but other regions benefit from cheaper and greener energy, ultimately creating a global impact in the transition to a more sustainable energy system.
