Only eight years after starting up, Octopus Energy is now the UK’s biggest power supplier, official figures just released reveal.
Greg Jackson’s bouncy renewables-to-heat pumps creation, privately held, gained more than 1.9 million net customers in the twelve months since March 2023, latest statistics from Ofgem reveal.
That rocket skywards puts the generator-retailer on a market share now of 22%, with 6.8 million households served. Octopus was the only large energy supplier to increase its market share over the past year.
The company’s spokespeople say it is persuading more Brits than any of its rivals to switch away from existing suppliers. Over the same period, the firm accepted more than 800,000 customers from other providers, equal to one account switched inbound every minute.
In a separate mass transfer, 1.3 million households moved over from Shell Energy Retail following Octopus’ takeover of the business in late 2023.
The figures mean Octopus is now officially the UK’s largest electricity supplier, only eight years after launching to the market.
Company spokespeople point to the brand’s popularity among its own customers. Octopus Energy comes out on top in almost every service ranking, including Which?, Trustpilot and Money Saving Expert. It is also the only energy supplier named as a Which? Recommended Provider for seven years in a row.
TIME Magazine has named Octopus as one of the world’s ‘100 Most Influential Companies’. Britain’s government recently featured it as a poster child for the country’s businesses in its ‘GREAT’ campaign, intended to attract foreign investmen.
After rapid worldwide expansion, including into Japan & Italy and investing in both European offshore wind and in Xlinks, the Morocco-to-Devon wind and solar mega-venture, Octopus says it is active in 18 countries, looking after almost 8 million households globally. It is also one of the largest investors in renewables in Europe, managing a portfolio worth £7 billion.
The technical core of Octopus’s success – its Kraken platform for billing, fulfilment and power trading – is now licensed to 54 million customer accounts across 16 countries. It is increasingly being adopted in other sectors such as water and broadband.
Pictured above with Kraken boss Deepak Ravindran, Octopus’ founder Greg Jackson commented: “We’ve invested relentlessly in outstanding people and technology to deliver better customer service and lower costs. Today’s news shows that this works.
“I hope that we can inspire both entrepreneurs and existing companies”, Jackson went on.
“By investing for the long-term, and by truly focusing on customers, they can deliver success for themselves and for those they serve.”
