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☆ 2024 CNBC Disruptor 50: Octopus CEO on the global energy transition
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email2024 CNBC Disruptor 50: Octopus CEO on the global energy transitionOctopus Energy CEO Greg Jackson, number 11 on the 2024 CNBC Disruptor 50 list, discusses how his company is using AI to transform the global energy landscape.

Persons: Greg Jackson Organizations: CNBC, Octopus Energy

☆ Electrification could overwhelm energy grids. Startups are betting on AI to make sure that doesn't happen
▼ + stars: | 2024-03-25 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +10 min

Today's energy grids are unable to keep up with the intense demand being heaped upon them. Globally, energy projects struggle to overcome permitting hurdles. Making smart grids a realityData was transmitted across a national energy grid for the first time in 2016. Startups selling them are hoping to alleviate pressure from physical grid infrastructure and allow operators to do more with the infrastructure they have. Victoria McIvor, an advisor to energy startups who was formerly an investor at the European climatetech firm World Fund, imagines a future where energy tariffs dictate when energy-intensive appliances run.

Persons: Rajesh Swaminathan, it's, Andrés Dancausa, Dancausa, Swaminathan, Victoria McIvor, Timothy Barat, Barat, Duncan Turner, SOSV, Turner, McIvor Organizations: Infrastructure, Service, International Energy Agency, Paris, Investors, Khosla Ventures, US Department of Energy, Fund, Octopus Energy, Continuum Industries, Software Locations: Europe, Ukraine, Portuguese, Amsterdam, California, London, VCs, Scottish

☆ Cultivo wants to scale investment in nature-based carbon projects. It just raised $14 million with this 11-slide pitch deck.
▼ + stars: | 2024-01-30 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Read previewA startup that helps financial institutions and corporations invest in nature regeneration projects has raised $14 million in Series A funding. Carbon credits represent one metric tonne of CO2 removed from the atmosphere, typically bought up by companies looking to reach net zero. Potential investors — financial institutions and corporations — can then choose to back a regeneration project on that land. AdvertisementThe voluntary carbon market, where carbon credits are traded, has become popular in recent years as companies race to reach their climate commitments. It also takes a slice of carbon credits sold by projects it helps to set up.

Persons: —, Mark Carney, Morgan Stanley, Manuel Piñuela, Cultivo, Piñuela, Peña Verde Organizations: Service, Business, Bank of England, Cultivo, MassMutual Ventures, Octopus Energy, Salkantay Ventures, Peña Locations: San Francisco

REUTERS/David Gray Acquire Licensing RightsSYDNEY, Nov 24 (Reuters) - The long-term value of hotly contested $10.6 billion takeover target Origin Energy (ORG.AX) has been muddied by a government plan to accelerate the rollout of renewable energy, announced just hours before a key shareholder vote. However, the potential for new investment via the government's scheme undercuts Brookfield's argument that Origin and Australia needed its deep pockets to decarbonise quickly, Vickerson said. Pension giant AustralianSuper has argued Origin's stake in fast-growing British renewable energy company Octopus Energy, gas assets and millions of customers position the company well for the energy transition. The government's new scheme only strengthens the fund's conviction about Origin, according to a person familiar with AustralianSuper's thinking. However, Simon Mawhinney, chief investment officer at fund manager Allan Gray, which owns a roughly 3% stake in Origin, said the government's plan appears likely to push down returns.

Persons: David Gray, AustralianSuper, Max Vickerson, Vickerson, Brookfield, Tom Leske, Simon Mawhinney, Allan Gray, Lewis Jackson, Sonali Paul Organizations: REUTERS, Rights, Energy, Morgans, Origin, AGL Energy, Churchill Capital, Octopus Energy, Thomson Locations: Sydney, Chatswood, Australia, Brookfield

They said some battery operators are already supplying back-up power to grids at a price competitive with gas power plants, meaning gas will be used less. British independent Carlton Power dropped plans for an 800 million pound ($997 million) gas power plant in Manchester, northern England, in 2016. MODELS UNDER SCRUTINYDevelopers can no longer use financial modelling that assumes gas power plants are used constantly throughout their 20-year-plus lifetime, analysts said. Many countries world-wide, but especially in Europe, provide payments for standby power plants through capacity markets. In Europe, 40 million electric vehicles are expected by 2030, capable of displacing around one third of the region's gas power capacity, according to Kaluza.

Persons: Andrew Boyers, Carlton Power, Keith Clarke, Clarke, Carlton, Nigel Scott, Banks, Simon Virley, Helen Sanders, Sanders, Carlton's Clarke, Sarah McFarlane, Susanna Twidale, Simon Webb, Barbara Lewis Organizations: REUTERS, U.S, Global Energy Monitor, Power Ventures, Carlton, Carlton Power, Reuters, Sumitomo Mitsui Banking Corporation, Investors, Electricity, KPMG, Union, Octopus Energy, Thomson Locations: Finedon, Britain, Europe, United States, New Jersey, Manchester, England, London

☆ UK's Octopus Energy launches $3.7 bln offshore wind fund with Tokyo Gas
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Britain's Prime Minister Boris Johnson poses for photographs with a branded electric taxi as he visits the headquarters of Octopus Energy, in London, Britain October 5, 2020. The Octopus Energy Offshore Wind fund, set up with a 190 million pound cornerstone investment from Tokyo Gas, will invest in offshore wind farms as well as companies creating new offshore wind capacity, with a focus on Europe, Octopus said. The fund will look at both traditional offshore wind turbines and floating turbines. "The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind," said Octopus Energy Generation Chief Executive Zoisa North-Bond. Octopus Energy Generation has said it plans to invest $20 billion in offshore wind by 2030, with an aim to boost energy security and reduce dependence on fossil fuels.

Persons: Boris Johnson, Leon Neal, Octopus, Zoisa, Sachin Ravikumar, Mark Potter Organizations: Britain's, Octopus Energy, Rights Companies Tokyo Gas Co, Energy, Gas, Tokyo Gas, Bond, Thomson Locations: London, Britain, Tokyo, Europe

☆ The boss is back in charge
▼ + stars: | 2023-09-17 | by ( Beatrice Nolan | Sarah Jackson | ) www.businessinsider.com time to read: +7 min

After a brief transition of power to workers, it feels like bosses are back in charge. Between the rise of AI, return-to-office mandates, and layoffs — employee anxiety is high. Between the rise of job-threatening AI, strict return-to-office mandates, and sweeping layoffs, it feels like bosses are clawing back what little remains of employees' power . The economic trend began in early 2021 in the wake of the pandemic and saw millions of workers quit their jobs . AdvertisementAdvertisementThe charge is largely being led by Big Tech and banks, with varying degrees of severity and pushback.

Persons: didn't, Peter Cappelli, Cappelli, Erin Kelly, Stanford, Nick Bloom, they're, Raj Choudhury, OpenAI's ChatGPT Organizations: Service, Companies, Wharton Business School, MIT Sloan, Big Tech, Amazon, Web Services, Harvard Business School, Octopus Energy Locations: Wall, Silicon

☆ Shell to sell home energy business in UK, Germany to Octopus Energy
▼ + stars: | 2023-09-01 | by ( Susanna Twidale | ) www.reuters.com time to read: +2 min

The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsLONDON, Sept 1 (Reuters) - Shell (SHEL.L) said on Friday it would sell its home energy business in the UK and Germany to British energy supplier Octopus Energy Group as part of a deal in which the two companies explore a partnership on EV charging. “This agreement follows the announcement during our Capital Markets Day to divest our home energy retail business in Europe,” said Shell Executive Vice-President Steve Hill. Shell Energy Retail Limited in the UK and Shell Energy Retail GmbH in Germany provide domestic gas, power and broadband services to about two million customers and operate under the Shell Energy brand. Shell and Octopus have also signed a memorandum of understanding to explore a potential international partnership over electric vehicles (EV) charging, including for Shell Recharge subscribers, Shell said.

Persons: Chris Helgren, ”, Steve Hill, Shell, Susanna Twidale, Radhika Anilkumar, Savio D'Souza, Chizu Organizations: Shell, REUTERS, Octopus Energy, EV, Shell Energy Retail Limited, Shell Energy Retail GmbH, Shell Energy, Gas, Shell Energy Retail, Thomson Locations: Vancouver , British Columbia, Canada, Germany, British, Europe, Britain, London, Bengaluru

☆ There's a lot of talk about hydrogen's potential. But transportation costs represent a big challenge
▼ + stars: | 2023-07-04 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

In the world of business, multinationals from Iberdrola to Siemens Energy are also looking to make plays in green hydrogen. The DOE adds that more research is required to "analyze the trade-offs between the hydrogen production options and the hydrogen delivery options when considered together as a system." "You produce the hydrogen, the green hydrogen, and then you would synthesize it into ammonia with nitrogen," he said. Despite some clearly big obstacles, partnerships and programs related to the supply and distribution of green hydrogen are starting to take shape. Elsewhere, German firm Enertrag says it's been "operating a tanker and transport trailer to deliver large quantities of green hydrogen to customers" since 2021.

Persons: Angel Garcia, Olaf Scholz, Murray Douglas, Wood Mackenzie, Douglas, Wood Mackenzie's Douglas, —, Jorgo Chatzimarkakis, Chatzimarkakis, Enertrag, it's, Cepsa Organizations: Bloomberg, Getty, Siemens Energy, International Energy Agency, CNBC, U.S . Department of Energy, DOE, Octopus Energy, Port Locations: Spain, German, Australia, North Africa, Madrid, Rotterdam, Europe

☆ London's solar street thrives on people power
▼ + stars: | 2023-06-15 | by ( Natalie Thomas | ) www.reuters.com time to read: +4 min

[1/5] Roofers install solar panels on the roof of renegade artists Dan Edelstyn and Hilary Powell's house in London, Britain, June 6, 2023. Dan Edelstyn and Hilary Powell raise funds to install solar panels on the rooftops of all the houses on their street. After raising 113,000 pounds ($141,000), partly through crowd-funding publicised by sleeping on their roof for three cold, winter weeks, artist couple Dan Edelstyn and Hilary Powell have arranged for solar panels to be installed on dozens of houses on their street. Households powered by solar panel-derived electricity draw less power from the national grid, cutting energy bills, and they can also sell any excess energy back. Industry analysts say community projects tend to be more efficient than individual solar installations as costs fall with scale.

Persons: Dan Edelstyn, Hilary Powell's, Hilary Powell, Anna Gordon LONDON, Powell, Ejaz Hussein, It's, Rebecca Dibb, Ofgem, Edelstyn, Sachin Ravikumar, Barbara Lewis Organizations: Industry, Octopus Energy, Community Energy, Thomson Locations: London, Britain, Waltham Forest

☆ AI is doing the work of 250 people at an energy company and satisfying customers better than trained workers, CEO says
▼ + stars: | 2023-05-09 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

The CEO of Octopus Energy says AI is doing the work of hundreds of people at the company. He said emails written by AI delivered better customer satisfaction than trained workers. The CEO of Octopus Energy, a UK-based household energy supplier, says artificial intelligence is doing the work of 250 people at the company. Now, AI replied to more than a third of customer emails, which is the work of about 250 people, Jackson said. Representatives for Octopus Energy did not immediately respond to Insider's request for further comment.

☆ Why ChatGPT developer OpenAI is the No. 1 company on the 2023 CNBC Disruptor 50 list
▼ + stars: | 2023-05-09 | by ( Julia Boorstin | ) www.cnbc.com time to read: +7 min

Microsoft unveiled new versions of its Bing internet-search engine and Edge browser powered by the newest technology from ChatGPT maker OpenAI. Of the 50 companies on this year's list, 21 told us that AI is critically important to more than 50% of their revenue. Half of the companies in the top 10 of the 2023 CNBC Disruptor 50 list feature key use of AI, and notably, they represent a diverse range of industries and use cases. OpenAI CEO Sam Altman speaks during a keynote address announcing ChatGPT integration for Bing at Microsoft in Redmond, Washington, Feb. 7, 2023. The call to slow down is, in fact, less safe than what they're proposing," he said, referring to OpenAI and Altman.

☆ Australia's Origin Energy raises earnings view on unexpected UK gains
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: +2 min

May 1 (Reuters) - Australia's Origin Energy (ORG.AX) on Monday sharply raised the full-year earnings outlook for its key energy markets division for a second time, helped mainly by a stronger-than-expected contribution from U.K.-based energy retailer Octopus Energy. Origin now expects underlying earnings before interest, taxes, depreciation and amortization (EBITDA) for its energy markets division for fiscal year 2023 to be between A$950 million ($628 million) and A$1,200 million, much higher than the prior range between A$600 million and A$730 million. Origin holds a 20% stake in Octopus Energy, which last year contributed a loss of A$36 million to Origin's EBITDA. Shares of the Sydney-headquartered company were up 0.4% at A$8.38 by 0017 GMT. ($1 = 1.5124 Australian dollars)Reporting by Himanshi Akhand in Bengaluru; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Energy firms lose UK legal challenge over sale of collapsed rival Bulb
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] A British Gas sign is seen outside its offices in Staines in southern England, July 31, 2014. REUTERS/Toby Melville/File PhotoLONDON, March 31 (Reuters) - Centrica's British Gas, Scottish Power and E.ON on Friday lost a court challenge over the British government’s handling of the sale of collapsed energy firm Bulb. The three other energy suppliers had argued the government had unlawfully committed billions of pounds of taxpayers' money to prop up Bulb, without considering the potential impact on the wider energy market. "It's clear that the case was a desperate attempt by those organisations to defend their waning market positions against a more efficient and customer-focused rival," Octopus Energy said in a statement. The addition of Bulb's customers catapulted Octopus to become the country's third largest domestic energy supplier behind British Gas and E.ON.

☆ Ovo Energy plans takeover of Shell gas and electricity arm
▼ + stars: | 2023-03-29 | by ( ) www.cnbc.com time to read: +1 min

Ovo Energy is planning a takeover of Shell Plc 's UK gas and electricity business, a move that would allow the British retail energy supplier to reclaim the No. Ovo is expected to propose an indicative offer for Shell Energy Retail Ltd's UK operation, the report added, citing sources. Shell Energy Retail has about 1.4 million customers. Retail energy suppliers in Europe have struggled over the past year with soaring wholesale prices forcing governments to shield consumers from rising bills. This would put Ovo ahead of Octopus Energy, currently the UK's second-largest supplier, which has nearly 5 million household customers after its takeover of energy supplier Bulb.

☆ Laid-off tech workers could find a home at startups trying to solve the climate crisis
▼ + stars: | 2023-01-29 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

The Big Tech layoffs have sweetened the talent pool for climate startups and venture-capital firms. Climate startups now have a growing talent pool to choose from, and hiring is picking up, according to recruiters, venture capitalists, and workers who already made the jump from Big Tech to climate tech. "Over the last year, people were already leaving mainstream tech to come into the climate space," Veery Maxwell, a partner at Galvanize Climate Solutions, a global investment firm focused on climate tech, told Insider. Cianfarini told Insider his salary is $185,000 a year plus a $40,000 stock option grant that vests over four years. This trend makes climate tech an attractive option, she said.

☆ Bulb bailout exposes UK’s pseudo power market
▼ + stars: | 2022-12-23 | by ( George Hay | ) www.reuters.com time to read: +4 min

Bulb is the biggest of dozens of flaky British power suppliers which opted not to hedge their future costs when energy prices were cheap. The Office for Budget Responsibility expects the saga to cost taxpayers 6.5 billion pounds. Octopus itself thinks the loan could be more like 2.4 billion pounds, as wholesale prices have recently fallen. If that’s correct, regular payments by Bulb customers will cover the cost. With retail power prices fixed and the government on the hook for higher wholesale costs, Britain’s privatised power industry is operating in anything but a free market.

[1/7] Herbs and micro-greens grown at the underground farm in a disused World War Two bunker using hydroponic technology and LED lighting, powered by renewable energy, are pictured in London, Britain November 24, 2022. REUTERS/Maja SmiejkowskaLONDON, Nov 28 (Reuters) - In an underground World War Two air raid shelter where London tube trains can be heard rattling overhead, aromatic coriander leaves tilt towards the pink glow of LED bulbs - a vision of how farms could look in the future. Zero Carbon Farms grows herbs and salads in Clapham, south London, a densely populated area with no room for conventional agriculture. But 30 metres below ground there is a kilometre of tunnels, and technology has made farming here a reality. "What makes this industry so exciting and challenging is that no one's quite cracked it," said Zero Carbon Farm's business development director Olivia O'Brien.

☆ Octopus Energy to buy failed British energy supplier Bulb
▼ + stars: | 2022-10-29 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 29 (Reuters) - Britain said on Saturday it had approved a deal for Octopus Energy to buy smaller firm Bulb, which was one of the largest energy suppliers to collapse last year due to soaring wholesale gas and electricity prices. About 1.5 million Bulb customers will be transferred to Octopus as part of a deal reached late on Friday with the special administrators of London-based Bulb, the British government's business department said in a statement. Bulb collapsed last November after failing to secure funding as regulator Ofgem's energy price cap prevented it and other suppliers from passing on rising costs to customers. It was placed under the government-funded Special Administrator Regime to ensure customers' supplies would face no disruption and their credit balances would be protected. The government will also provide funding to ensure Bulb's special administration is wound up in a way that protects customers' supplies, it said.

☆ Octopus Energy creates JV with Italian solar and wind farm developer Nexta
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 19 (Reuters) - Britain's Octopus Energy Group said on Wednesday it was creating a joint venture (JV) with Italian solar and wind farm developer Nexta Capital Partners to produce 1.1 gigawatts (GW) of new onshore wind and solar farms in Italy by 2025. The move will help Italy, which depends on Russia for around 25% of its imported gas, in its plans to expand in renewables energy and reduce such reliance. Octopus Energy said the investment will be through its recently launched 220 million euro arm, Octopus Energy Development Partnership (OEDP), which invests in early stages of green power builds and is managed by Octopus Energy Generation. "This (1.1 GW) could power 1.2 million homes, avoiding a potential 950,000 tonnes of carbon dioxide a year. Octopus Energy Generation manages 3 gigawatts of renewable energy assets across Europe worth 4.4 billion euros ($4.3 billion).

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