‘There’s huge potential for the Australia-UK Free Trade Agreement to allow even more investment and innovation and build the foundations of an affordable low-carbon economy in both countries.’ – Rachel Fletcher, Director for Regulation and Economics, Octopus Energy Group
Octopus Energy Group is one of the UK’s fastest-growing companies.
Since launching in 2016 it has become the second largest energy supplier in the UK with over 5 million British customers. The firm’s energy investment business, Octopus Energy Generation, is one of Europe’s largest investors in renewable energy. It manages a global portfolio of renewable assets valued at over £6 billion.
Octopus made its first investment in Australia in 2017, with the Darling Point Solar Farm in New South Wales.
In 2020, one of Australia’s largest energy companies, Origin Energy, acquired a 20% stake in Octopus Energy. The partnership allows Origin Energy to deploy Octopus Energy’s technology platform ‘Kraken’ in Australia, fast-tracking Origin Energy’s ambitions to roll out cleaner and smarter energy solutions.
By 2027, Octopus Energy plans to serve 100 million homes across the globe on its Kraken technology platform.
‘Clever policy decisions by governments around the world have led to a rise of renewable energy across the globe,’ says Rachel Fletcher, Director for Regulation and Economics, Octopus Energy Group. ‘But more needs to be done to increase investment in green energy technology, which will provide more homeowners and businesses with greener and cheaper energy.
‘Our partnership with Origin and Nectr has already shown what Britain and Australia can do together to implement this technology and provide millions with green energy at no huge mark-up,’ she says.
‘There’s huge potential for this Free Trade Agreement to allow even more investment and innovation and build the foundations of an affordable low-carbon economy in both countries.’
This article was first published on 17 December 2021 and updated on 27 June 2023 to reflect changes in relation to the Australia-UK Free Trade Agreement (A-UKFTA).