Octopus Energy: the British electric octopus that wants to conquer the Spanish market

Octopus Energy: the British electric octopus that wants to conquer the Spanish market In an energy landscape dominated by large corporations, Octopus Energy has emerged as a disruptive competitor that has positioned itself as a leader in the British market in less than a decade. Founded in 2015 as an alternative to the traditional "big six," the company has achieved impressive growth that has led it to become the largest electricity retailer in the islands, with nearly seven million customers by the end of 2023, surpassing giants like British Gas, E.ON, OVO, EDF, and Scottish Power. This meteoric rise has not stopped in the UK, as Octopus Energy has expanded its operations to 18 countries on four continents, exceeding 7.7 million customers in total. With its sights set on Spain, the company has set the ambitious goal of reaching two million domestic customers by 2027, which would position it as the fourth operator in the country, challenging companies like Naturgy. Greg Jackson, founder and CEO of Octopus Energy, highlights the speed at which the company has grown in other international markets, pointing out that in countries like France, Italy, Germany, Japan, and Spain they are replicating the success they had in the UK. In the Spanish case, the company's priorities include growth in retail, promotion of renewable energies such as solar and wind, and the adoption of electric vehicles. Octopus Energy's focus on sustainability and energy efficiency is reflected in its technological platform Kraken, which the company claims already covers half of the British market. This platform has been key to the company's growth, allowing them to improve efficiency in electricity supply and demand, as well as offer services to other competitors in various countries. Octopus Energy's financial success has also been notable, with the company reporting profits of £283 million in the last fiscal year, marking a milestone by leaving behind the losses of the previous year. Despite not being publicly traded, its valuation is estimated at around €8.5 billion, consolidating its position in the energy market. Octopus Energy's commitment to renewable energies is supported by the reduction in costs in solar energy generation, which is currently ten times cheaper than in 2012. The company seeks to encourage its customers to adapt their consumption to peak renewable generation times, offering incentives such as free electricity during certain time slots and promoting the installation of solar panels and batteries in homes. In addition to its focus on retail, Octopus Energy has ventured into the energy generation segment in 15 markets, with assets valued at €6.5 billion. The company also aims to benefit communities near its renewable infrastructure by offering lower prices and promoting the adoption of clean energy locally. At a time when the transition to electric vehicles is crucial for reducing carbon emissions, Octopus Energy sees this sector as a great growth opportunity. However, it emphasizes the need to accelerate the transformation in Europe, warning of the risk of falling behind countries like the United States and China, which lead in electric vehicle production. With its innovative approach, commitment to sustainability, and aggressive growth strategy, Octopus Energy emerges as a key player in the transition to a more efficient and environmentally friendly energy system, challenging established large companies and opening new opportunities for consumers in the Spanish and global energy market.