Octopus Energy
A British energy group supplying electricity and gas while developing renewable generation, smart tariffs, electrification services and energy-management software.
Last updated August 31, 2026
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Overview
Octopus Energy is a British energy company operating across retail supply, renewable generation, electrification and energy technology. Founded with backing from the Octopus Group, it began supplying customers in the United Kingdom in late 2015 and developed a reputation for combining a consumer-facing energy brand with software-led operations. Its best-known technology platform, Kraken, supports billing, customer relationship management, energy tariffs and operational services for Octopus and third-party utilities. The company initially grew through organic customer acquisition, supplier-of-last-resort transfers and acquisitions of smaller energy businesses. It took on customers from Iresa in 2018, acquired Affect Energy, replaced SSE as the supplier behind M&S Energy, and later added customers associated with GB Energy, Flow Energy, Co-op Energy and ENGIE UK. The transfer of Avro Energy customers in 2021 and the government-supported acquisition of Bulb Energy's customer base in 2022 substantially increased its British scale. In 2023 it agreed to acquire Shell's household energy operations in the United Kingdom and Germany. By the end of 2024, the group was reported to have become Britain's largest household energy supplier by account numbers. Octopus offers conventional fixed and variable tariffs as well as technology-enabled products. Octopus Tracker links prices to wholesale-market movements, while Agile Octopus uses half-hourly pricing and can sometimes produce negative prices when supply is abundant. Octopus Go is designed around lower overnight prices for electric-vehicle users. Smart meters, automation and demand flexibility are central to the company's model, allowing household consumption, electric vehicles, batteries and heat pumps to respond to grid conditions. The group has expanded beyond retail supply through Octopus Energy Generation, Octopus Electric Vehicles, Octopus Heating, Octopus Energy Services and Kraken Technologies. Its generation and investment activities include solar, onshore and offshore wind, battery storage and other renewable infrastructure. The company has also developed customer propositions such as Fan Club, which offers local discounts linked to renewable generation, and Zero Bills, a new-build housing proposition combining solar panels, batteries, heat pumps and software in an attempt to reduce or eliminate household energy bills for a defined period. International expansion has included acquisitions, joint ventures and licensing of the Kraken platform. Investors and partners have included Origin Energy, Tokyo Gas, Generation Investment Management and the Canada Pension Plan Investment Board. Octopus has also acquired or invested in businesses in Germany, Spain, Italy, France, the United States and Australia. Alongside commercial activities, the group supports the Centre for Net Zero, a not-for-profit research organisation focused on modelling pathways to decarbonisation. Octopus remains privately held and is led by founder and chief executive Greg Jackson.
History
Octopus Energy's operating company was incorporated in October 2014 under the name Mercury Energy Supply Limited. It was renamed in 2015, began operations in November of that year and started supplying customers in December. The venture was backed by Octopus Group, and Greg Jackson became its founder and chief executive. From the outset, the company sought to differentiate itself through customer service, renewable electricity and software capable of supporting flexible tariffs. Its early growth combined direct retail acquisition with transfers from failed or exiting suppliers. In 2018, Octopus acquired Affect Energy, replaced SSE as the supplier behind M&S Energy and accepted Iresa customers through Ofgem's supplier-of-last-resort process. In 2019 it reached an agreement with Midcounties Co-operative covering the GB Energy and Flow Energy customer bases and the operation of Co-op Energy accounts. These transactions helped Octopus pass one million UK customers. The company also began licensing Kraken to overseas utilities, including Australia's Nectr. The company accelerated investment in 2020. It raised substantial funding, acquired the US startup Evolve Energy and bought Upside Energy, a Manchester smart-grid business later renamed KrakenFlex. Octopus also created the Centre for Net Zero, a not-for-profit research body intended to study practical routes to a low-carbon energy system. Partnerships with Amazon Alexa and Tesla Energy illustrated its focus on automated demand management, connected homes and distributed energy resources. International expansion followed through investment and acquisition. Origin Energy acquired a minority stake in 2020, while Tokyo Gas invested and agreed to develop an Octopus-branded Japanese business. Octopus entered Spain through Umeme, Italy through SATO Luce e Gas and France through Plüm énergie. It also expanded the Kraken platform as a software service for other utilities. Investments from Generation Investment Management and the Canada Pension Plan Investment Board provided further capital for technology and renewable infrastructure. The British energy crisis of 2021–22 was a major turning point. Octopus became supplier of last resort for Avro Energy and later agreed to take on Bulb's 1.5 million customers with government financial support for energy procurement. The company simultaneously broadened its physical energy activities. It acquired Octopus Renewables, invested in solar and wind projects, developed local Fan Club tariffs and opened a heat-decarbonisation research and training centre in Slough. In 2022 it launched Zero Bills for selected new-build homes equipped with technologies such as solar generation, batteries and heat pumps, and acquired Northern Irish heat-pump manufacturer Renewable Energy Devices. In 2023 Octopus announced the acquisition of Shell Energy's household businesses in the UK and Germany. The transaction, together with the Bulb integration and other growth, made Octopus the largest British household energy supplier by domestic account numbers in 2024. The group continued building its generation portfolio through investments in offshore wind, solar and battery development, including stakes in Lintas Green Energy, Exagen Group and projects acquired from BayWa. Its business now spans retail supply, generation, heating, electric vehicles, services and software, while the Octopus brand and Kraken platform remain the central elements of its international strategy.
- 2024
Octopus becomes Britain's largest household supplier
[1]Reported domestic account numbers placed Octopus ahead of British Gas.
- 2023
Shell Energy transaction announced
[1]Octopus agreed to acquire Shell's household energy operations in Britain and Germany.
- 2022
Bulb acquisition and Zero Bills launch
[1]Octopus agreed to take on Bulb customers and introduced its integrated new-build energy proposition.
- 2021
Avro customers transferred to Octopus
[1]The supplier-of-last-resort appointment expanded the customer base to around 3.1 million.
- 2020
KrakenFlex and Centre for Net Zero established
[1]Octopus acquired Upside Energy, later renamed KrakenFlex, and launched the Centre for Net Zero.
- 2019
Customer base passes one million
[1]The Midcounties Co-operative agreement brought more than 300,000 additional accounts.
- 2018
First major customer acquisitions
[1]Octopus acquired Affect Energy, took on Iresa customers and became the supplier behind M&S Energy.
- 2015
Octopus Energy begins supplying customers
[1]After being renamed, the company began operations in November and started customer supply in December.
- 2014
Operating company incorporated
[1]The company was incorporated as Mercury Energy Supply Limited.
Products and positioning
A technology-led, renewable-focused energy supplier and energy-platform company.
Energy software platform
Kraken
Kraken is Octopus Energy's software platform for billing, customer management, tariff administration and utility operations. It supports Octopus's own retail business and is also licensed or supplied to external energy companies. Its role is to connect customer accounts with smart-meter data, flexible pricing and increasingly distributed assets such as electric vehicles, heat pumps and batteries.
Time-of-use electricity tariff
Octopus Agile
Agile is a half-hourly electricity tariff whose prices are published in advance and reflect wholesale-market conditions. It is designed for customers able to shift consumption, for example by running appliances or charging vehicles when renewable generation is plentiful. Prices can occasionally become negative during periods of exceptionally high supply and low demand.
Variable energy tariff
Octopus Tracker
Tracker links daily electricity and gas prices to wholesale-market movements using a disclosed formula. The product is intended to provide a more direct relationship between market costs and customer prices than conventional fixed tariffs, while separately identifying the supplier's margin and operating allowance.
Electric-vehicle tariff
Octopus Go
Octopus Go is an electricity tariff designed for electric-vehicle owners. It offers a cheaper overnight period intended to encourage vehicle charging outside peak demand hours and to align household consumption with the operating needs of the electricity system.
Local renewable-energy tariff · 2021
Fan Club
Fan Club connects local customers with nearby renewable-generation assets. Households in eligible areas can receive discounted electricity when associated wind turbines are producing strongly. The model is intended to make renewable projects more visible to local communities and reward flexible consumption near generation.
Integrated housing energy proposition · 2022
Zero Bills
Zero Bills is aimed at newly built homes equipped with combinations of solar panels, batteries, heat pumps and smart energy controls. Subject to the programme's terms, occupants can receive energy at no additional tariff cost for a period of up to ten years. Octopus has presented the proposition as a route toward more predictable household energy costs.
Grid-flexibility software · 2021
KrakenFlex
KrakenFlex manages flexible energy assets and helps coordinate demand, storage and generation for grid balancing. It originated from Upside Energy, acquired by Octopus in 2020, and forms part of the group's effort to integrate electric vehicles, heat pumps, batteries and renewable generation into smarter electricity networks.
Marketing campaigns
- 2022Zero Bills
United Kingdom · Germany · New Zealand
Octopus began offering an integrated home-energy proposition for new-build properties using solar, batteries, heat pumps and smart controls.
Outcome. Established a housing-focused route for combining energy supply with electrification technology.
- 2021Fan Club
United Kingdom
The company introduced local tariffs offering discounts when nearby Octopus-linked wind turbines were generating strongly.
Outcome. Created a local-community model for linking renewable generation and retail pricing.
- 2020Tesla Energy Plan
United Kingdom
Octopus and Tesla created a plan intended to combine clean electricity, home solar and batteries with participation in a virtual power plant.
Outcome. Positioned connected homes as flexible grid resources.
- 2019Agile Octopus and Amazon Alexa partnership
United Kingdom
Octopus partnered with Amazon to help customers use Alexa-related tools to monitor and optimise consumption under the Agile time-of-use tariff.
Outcome. Extended the company's smart-home and flexible-demand proposition.
Brand decisions
2024
Expand renewable-generation portfolioStrategyBackground
Octopus sought to integrate retail supply with ownership, development and financing of renewable assets.
Action taken
The group increased its interests in Lintas Green Energy and Exagen Group and acquired four BayWa solar projects.
Aftermath
The moves broadened Octopus's role from energy retailer to renewable-infrastructure investor and operator.
2023
Acquire Shell Energy household businessesM&ABackground
Shell decided to exit household energy supply in the United Kingdom and Germany.
Action taken
Octopus agreed to acquire the relevant Shell Energy operations.
Aftermath
The transaction materially expanded Octopus's customer base and strengthened its position in the UK retail market.
2022
Acquire Bulb Energy's customer baseM&ABackground
Bulb entered special administration during the UK energy crisis.
Action taken
Octopus agreed to take on approximately 1.5 million Bulb customers with government-supported energy-procurement funding.
Aftermath
Octopus became one of the dominant UK household suppliers. The government funding and subsequent repayment position became a matter of public financial scrutiny.
2021
Avro Energy supplier-of-last-resort appointmentM&ABackground
Avro Energy ceased trading during a period of exceptional wholesale-energy volatility.
Action taken
Octopus accepted Avro's domestic customers under Ofgem's supplier-of-last-resort arrangements.
Aftermath
The customer base grew to approximately 3.1 million accounts.
2018
Acquire Affect Energy and take on Iresa customersM&ABackground
The UK retail market was consolidating as smaller suppliers exited or failed.
Action taken
Octopus bought Affect Energy and accepted Iresa's customers through the supplier-of-last-resort framework.
Aftermath
The transactions expanded Octopus's domestic customer base and market presence.
Recent events
Octopus Energy announces strategic partnership and equity investment from Generation Investment Management[3]
Octopus Energy announced a strategic partnership with Generation Investment Management; the agreement gives GIM's Long-term Equity strategy about a 13% stake in the business.
Reported
Octopus Energy secures investment from Generation and Origin[4]
Octopus Energy secured up to $600 million from Generation Investment Management, which would take a stake of up to 13%, and Origin Energy agreed to invest a further $55 million alongside Generation's funds. The article says the funding would support Octopus's growth.
- Unconfirmed
Reported
Octopus Energy completes acquisition of Octopus Renewables[5]
Octopus Energy completed its acquisition of Octopus Renewables, transferring more than 300 renewable-energy projects and moving the team to Octopus Energy’s offices.
Reported
Octopus Energy launches Centre for Net Zero[6]
Octopus Energy launched the Octopus Centre for Net Zero in London, a research organisation focused on energy-related issues including decarbonising residential transport and heat.
Reported
Intuit and Octopus Energy partner on UK renewable energy options[7]
Intuit announced a partnership with Octopus Energy to offer renewable energy options to its UK employees and QuickBooks Online customers.
Reported
Octopus Energy launches Fan Club wind-linked discount tariff[8]
Octopus Energy launched its Fan Club tariff, which offers a 50% discount when the wind is blowing; the article said it could save consumers more than £200 per year.
Reported
Octopus Energy announces a price cut[9]
Octopus Energy announced a price cut for customers on its standard variable tariff; around a quarter of a million households are expected to save around £80 a year on average.
Reported
Co-op Energy launches Community Power Tariff[10]
Co-op Energy launched the Community Power Tariff, which sources clean energy from community projects and was set up as part of a joint venture with Octopus Energy.
Sources10 sources
- 1Octopus Energyen.wikipedia.org
- 2Octopus Energy official websiteoctopusenergy.com
- 3Octopus Energy 宣布与 Generation Investment Management 建立战略合作并引入股权投资naturalgasworld.com
- 4Octopus Energy获得Generation和Origin投资theguardian.com
- 5Octopus Energy完成对Octopus Renewables的收购energyglobal.com
- 6Octopus Energy推出净零研究中心edie.net
- 7Intuit 与 Octopus Energy 合作在英国提供可再生能源方案finanznachrichten.de
- 8Octopus Energy 推出风力相关折扣电价方案energylivenews.com
- 9Octopus Energy宣布降价energylivenews.com
- 10Co-op Energy 推出 Community Power Tariff 电价方案energylivenews.com
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