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Octopus Energy : U.S. to Discount Customers' Bills by as Much as 90%

02/22/2021 | 02:01pm EDT

  • Octopus Energy U.S. enlists one-off Bill Forgiveness Plan for Texas-based customers
  • Energy costs for Octopus customers capped at average price of 12.2 c/kWh for week of historic winter storm Uri
  • Lee: "Energy suppliers must manage their risks and protect customers from extreme events."

Last week, millions of Texans were unexpectedly left without electricity or heat amid record cold temperatures. For those that did have power, many had to decide between turning off their only heat source or paying skyrocketing energy prices to keep their homes warm. While many energy companies are charging customers astronomical prices -- in some cases, upwards of tens of thousands of dollars -- renewable energy retailer, Octopus Energy U.S. (formerly Evolve Energy) is taking a different approach.

Effective immediately, Octopus Energy U.S. is enlisting a one-time Bill Forgiveness Plan for all current customers in Texas. The plan provides forgiveness of any energy bill amount that is in excess of the Energy Information Administration of Texas average price of 12.20 c/kWh for the week of Saturday, February 13th through Friday, February 19th.

The historic nature of this extreme weather event has led to unprecedented demand on the grid, resulting in skyrocketing wholesale pricing for energy. To protect against a future grid failure, a more distributed grid is needed. One that takes energy from renewable, abundant sources like solar and wind, rather than relying on a central grid dependent on fossil fuels and complex machinery and systems. Wholesale products are a critical component of this solution, as dynamic pricing motivates consumers to use clean energy when it is abundant and is essential for allowing more battery storage to come online when it is needed most.

“The lesson everyone should take from the events of the past week is that we are overly reliant on natural gas, which generates more than half of the electricity in Texas,” said Michael Lee, CEO of Octopus Energy U.S. “As climate change increases the frequency and intensity of extreme weather, events like last week will only become more common, requiring forward-thinking, sustainable solutions rather than a continued reliance on fossil fuels or government bailouts to private companies. Private companies must manage their risks and protect customers from extreme events.”

Octopus Energy U.S. is committed to putting new consumer protections in place to ensure what happened in Texas is a one-time event, while also continuing to champion consumer wholesale energy as essential to building a cleaner and greener energy future.

Octopus Energy is one of the most awarded energy companies in the United Kingdom, where the company was founded five years ago, for its customer service. With a customer-first model, the company has gained eight accolades for outstanding service in 2020 alone and Octopus Energy is the only energy supplier to ever gain the Which? Recommended award four years in a row. Founded by technology entrepreneurs, Octopus Energy has a different starting point to other suppliers, aiming to redefine what is possible for consumers and the energy system by using technology and data to deliver the best products and experiences.

About Octopus Energy

Octopus Energy Group is a technology-driven, renewable energy retailer, directly supplying 2 million customers globally with 100% green electricity at a cheaper price and with a focus on outstanding customer service. Founded in the U.K. five years ago, Octopus Energy entered the U.S. market in 2020, forming Octopus Energy U.S. and fueling the company’s global expansion. Octopus Energy is valued at over $2 billion and is the U.K.’s fastest-growing private company. To learn more, visit: www.octopusenergy.com


© Business Wire 2021
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