The chief executive of Octopus Energy has suggested that some consumers would be willing to accept occasional blackouts if it meant a significant reduction in their electricity bills. Greg Jackson made the remarks at an industry conference, arguing against costly investments in the UK's power grid that are driving up household costs.
Jackson's Comments on Blackouts
Speaking to an audience of energy professionals, Jackson said that many households in Spain would happily tolerate the occasional power cut in return for electricity costs that are 25% lower. 'To be really clear, I'm not advocating for blackouts, but if you asked Spanish consumers, would you accept the odd blackout in return for electricity costs that are 25% lower, or don't have spikes, or a more reliable economy? enough of them would say yes,' he stated.
Jackson further noted that people today are 'far less bothered' about a blackout than they might have been in the past, citing the prevalence of home batteries that can provide a couple of hours of backup power. 'They've got a battery in there that gives them a couple of hours,' he added.
Octopus Energy's Stance on Grid Spending
A spokesperson for Octopus Energy clarified the company's position, emphasizing that countries like Spain, which have embraced cheap renewables and built flexibility into their systems, are seeing dramatically lower energy prices and less exposure to price spikes. 'Meanwhile, the UK risks doing the opposite: hardwiring in high costs with tens of billions of grid and network spending, without enough transparency on whether all of it is really needed,' the spokesperson said. 'Build flexibility, and bills go down. Ignore it, and we risk overbuilding for decades.'
Industry Response
Fintan Slye, chief executive of the National Energy System Operator, acknowledged that there is expected to be a 'step-change' in how households use electricity, but stressed that this does not go as far as blackouts. His comments suggest a more cautious approach to grid transformation.
Octopus Partners with Housing Association
In related news, Octopus Energy has partnered with Muirhouse Housing Association to bring its Tenant Power tariff to over 30 social homes in Scotland. The tariff allows residents to benefit from lower bills and solar panels. One customer, Richard, said: 'I love that my bills are lower thanks to Octopus' initiatives – the process was quick and easy and it really makes a huge difference. It's a bonus knowing I'm making the most of the sunshine with solar panels, and doing something good for the planet too.'
