According to Octopus, the energy industry in the UK is ruled by a handful of complacent companies peddling fossil fuels, pricing trickery, and poor customer service. Aiming to disrupt the status quo with sustainable energy, Octopus entered the market in 2016 and now supplies energy to millions of homes in a number of countries. Octopus has made a name for itself in energy circles largely because of its “Kraken” technology platform, which it claims is able to reroute energy from renewable sources around a network far more efficiently than competitors.
Octopus Energy further differentiates itself through its aspiration to make everything as easy as possible for consumers, from the simplicity of their bills and the fact that customers are not locked into a contract, so they can leave at any time, to offering customer service over email and social media at times that suit customers. It aims to make the eco‐friendly choice the easy choice, so all of its tariffs use 100% green electricity, while being cheaper than competitors' non-green tariffs.
Octopus is continually creating innovative new products. For example, Octopus Tracker, where prices change daily to guarantee you get the market rate; Agile, where the price changes every half hour to enable you to benefit from cheap electricity when the sun shines, the wind blows, and the networks are under-utilised. One of the current challenges the company faces is that its products are more complex than its competitors, given that it uses 1000x more data than traditional energy companies. It's exploring ways to explain to customers exactly how their products work.
Kirsty
Company Specialist at Welcome to the Jungle