Octopus Energy aiming high as it seeks to become the UK’s largest energy supplier

Ambitious plans

Expanding

Octopus aims to snatch up 50% of the nation’s home energy market and has already expanded overseas to other markets such as Germany and Australia.

Globally, the company wants to have 100 million customers by 2027.

At the start of 2020, the company acquired 70,000 new customers U.K. retail supply arm of Engie SA.

Octopus was founded in 2015 and is majority-owned by the London investment group Octopus Capital Ltd. Earlier this year, Australia’s Origin Energy Ltd. bought a 20% stake in Octopus at a valuation of over one billion pounds ($1.3 billion).

Word of mouth 

“This rate of growth is accelerating as more of our increasing number of customers recommend us to friends and family, fuelling exponential growth,” Jackson said.

Its focus on the customer has been the driving factor for its customer base to soar from just 20,000 to over 1.5 million in the space of five years.

With new data released by Energy UK showing that more consumers are seeking to switch energy supplier in order to get cheaper tariffs, Octopus Energy could capitalise on this increasing demand. Its positive reputation amongst its customers will surely assist with the word of mouth approach to attracting new customers.

“There’s still plenty of market share out there for them to hit their targets if they deliver on what they are at the moment, which is fantastic customer service and something different. It’s a realistic aspiration on their part” said Stephen Murray, an energy specialist from MoneySuperMarket. 

Further Reading

Over 400,000 consumers switched away from the Big Six as a result of the COVID created recession

OVO Energy pays out £1.2 million to Ofgem for smart meter installation failures

Octopus Energy secures EV charging project funding

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