What is Octopus Energy?

What is Octopus Energy

Octopus Energy

Octopus Energy is a UK-based retail electricity and gas supplier specializing in sustainable energy. It was incorporated in 2015 as a subsidiary of Octopus Group, a British asset management company. The company had more than 2 million domestic and commercial customers, in addition to providing software services to other energy suppliers. Octopus Energy operates in the UK, Germany, and the USA. The motto of the Octopus Card is to make everyday life easier. Octopus is now one of the widely used electronic cash systems. There were more than 17 million Octopus cards in circulation, and more than 10 million transactions worth HK$85 million were processed daily.

Octopus Capital Limited, trading as the Octopus Group, is a privately held UK holding company founded by Simon Rogerson, Christopher Hulatt, and Guy Myles as a fund manager. Through its subsidiaries, it operates in the investment management, venture capital, energy, and real estate industries.

Octopus Card

It is a rechargeable smart card that is used instead of money in many daily things in Hong Kong, and it is the first smart card in the world. The Octopus card is used in public transportation such as subways, trains, buses, and ferries. It compensates the person for purchasing many individual tickets for various means of transportation and makes him not carry cash with him. It is also used in the process of paying money in stores, supermarkets, fast food restaurants, car parks, and in all areas. Sites of buying or selling applications such as stations and vending machines. There is no need to insert this card into any device to read it, which makes paying with it very convenient and easy for its users who are in a hurry: all they have to do to pay the required fare is wave their wallet or handbag near the card-reading device.

The card can be recharged at transfer stations either through the counter or by inserting banknotes into value-adding machines. Recently, the card balance can be recharged online at 7-Eleven stores or electronically via automated teller machines. Another convenient automatic method is the option to recharge directly from the account where credit is automatically transferred to the card from a credit card account once the card balance drops to zero and the floating value is saved with Octopus Cards Limited, and the full value is deposited in banks.

Octopus Card is a reusable contactless stored value smart card for making electronic payments in online or offline systems in Hong Kong. Launched in 1997 to collect the territory’s fares mass transit system, the Octopus card system is the second contactless smart card system in the world after the Korean Upass, and has since grown into a widely used payment system for all public transportation in Hong Kong, leading to the development of the Navigo Card In Paris, Oyster Card in London, Opal Card in NSW, NETS FlashPay and EZ-Link in Singapore and many other similar systems around the world. The Octopus Card has won the Global Alliance for Information Technology and Services Chairman’s Award and the Global IT Excellence Award, among others, for being the world’s leading company in complex automated fare collection and contactless smart card payment system. According to Octopus Cards Limited, operator of the Octopus card system, there are over 33 million cards in circulation

Operations carried out by the energy of the octopus

Gas and electricity supply

The company does not produce gas or electricity, instead of buying on the wholesale market, although sister company Octopus Renewables claims to be the UK’s largest investor in solar farms, and is also investing in wind energy and anaerobic fermentation. Octopus Energy stated that all of its electricity comes from renewable sources, and introduced a green gas tariff with carbon offset.
Besides the industry-standard fixed and variable tariffs, the company is known for the innovative tariffs made possible through the nationwide rollout of smart meters.

Trademarks

Besides the Octopus Energy brand, customers are supplied under the Affect Energy, Co-op Energy, M&S Energy, and London Power brands.

Electric vehicle charging

Octopus Energy has launched an electric juice service, through which users of electric vehicle charging points can add costs to their electric bill. Four operators with a charging point have joined the service.

Software development

A large portion of Octopus Energy’s profits and revenue come from licensing their customer management system called Kraken, which runs on Amazon’s cloud computing service. It was first licensed by rival Good Energy in the UK, and for an initial period of three years, the software will also be licensed to Australia’s Origin Energy as part of the 2020 agreement.

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