Octopus Energy Launches New Smart Home Product ‘Intelligent Octopus’
The renewable energy retailer’s new product automates energy usage and financially rewards consumers for conserving energy in times of peak demand
HOUSTON–(BUSINESS WIRE)–Renewable energy retailer Octopus Energy today announced the launch of Intelligent Octopus, its first-ever integrated demand response, fixed-rate plan that rewards customers with a specialized rate for helping to balance the grid when demand for energy is high. By enrolling in Intelligent Octopus, customers are able to benefit from the power of demand response, which reduces energy usage during peak demand to avoid system failures. Specifically, Intelligent Octopus allows customers to automate energy usage and save money when prioritizing energy efficiency and grid resilience.
Intelligent Octopus will pair directly with smart home devices. With today’s beta launch, Intelligent Octopus customers can connect their smart thermostats to Octopus Energy’s system that monitors grid activity. When demand on the grid increases, Octopus Energy adjusts enrolled customers’ thermostats for 5- to 15-minute increments to decrease energy usage, after which customers’ smart home products are adjusted back to their original settings. This helps to decrease demand on the grid when it nears its peak and rewards customers for helping to balance the grid through a lower rate product.
Intelligent Octopus is powered by Octopus Energy’s proprietary Kraken technology that uses advanced data and machine learning to automate a majority of the energy supply chain. This capability allows customers to access power when it is cheaper and greener, while helping to balance the overall stability of the grid. Intelligent Octopus will also expand to additional smart home devices and providers in the months to come.
“Too often the energy industry focuses only on supply side solutions, such as building more power plants or transmission lines,” said Michael Lee, CEO of Octopus Energy U.S. “This strategy isn’t just inefficient, but it’s also extremely costly. Energy retailers who lead the future of the industry will focus on the ability of consumers to strengthen our energy systems and build new, innovative products that enable a balanced grid through more intelligent demand. With Intelligent Octopus, we’re making it easier than ever for consumers to engage with their energy use while rewarding them for taking positive actions to maintain the grid for themselves and their neighbours’.”
Today, less than 2 percent of customers participate in demand response programs in Texas. This is because consumers are left with a status quo where most energy providers prioritize profit over quality service. Traditional energy providers take an approach that leaves consumers with unexpected price hikes, confusing bills and limited communication channels despite energy powering our everyday lives. These energy players have also been resistant to modern technology innovations that can vastly improve customer experiences, increase energy efficiency and enable a stronger grid. Unlike these players, Octopus Energy is built on an AI and machine learning platform that streamlines energy services and empowers its consumers with transparency around their energy bills and usage. Intelligent Octopus further expands Octopus’ offerings and is one of the first-ever demand response plans in Texas that rewards enrolled customers for helping to balance the grid.
About Octopus Energy
Octopus Energy Group is a technology-driven, renewable energy retailer, directly supplying over 3.2 million customers globally with 100% green electricity at a cheaper price and with a focus on incredible customer service. Founded six years ago as a global energy retailer, Octopus Energy entered the U.S. market in 2020, forming Octopus Energy U.S. and fueling the company’s global expansion. Octopus Energy is valued at nearly $5 billion and is one of energy-tech’s fastest-growing private companies. To learn more, visit: www.octopusenergy.com.