Interview: Octopus Energy boss Greg Jackson speaks to Simon Lambert

In this episode, Simon Lambert interviews Greg Jackson, the CEO and founder of Octopus Energy, on the state of energy bills in the UK. Jackson explains that energy bills are still too high despite some improvements in wholesale gas prices, primarily due to expensive energy systems and market structures that need reform. He discusses how high gas prices drive high electricity prices, as they set the market price 98% of the time, impacting consumers directly.

Jackson highlights inefficiencies within the energy sector, such as paying wind farms to turn off during windy days while relying on more expensive gas generators to fill the gaps. He advocates for government action to address these issues, suggesting changes to how energy networks are funded and incentivized, aiming to save consumers money in the long term.

The conversation also touches on the role of renewable energy in the UK, noting that while the country has a significant capacity for offshore wind, it has not fully harnessed its potential due to outdated market rules. Jackson argues that ideally, energy prices should reflect the cost of the cheapest forms of generation, which are currently not being utilized effectively.

As the interview progresses, Jackson discusses Octopus Energy's approach to customer service, which has contributed to its growth as the largest domestic energy supplier in the UK. He outlines how the company offers various tariffs, including those which allow customers to benefit from lower prices during off-peak periods. He emphasizes the importance of customer education and the need for consumers to engage with their energy usage.

The future of home energy is also considered, with Jackson predicting that homes could become increasingly energy-independent through the adoption of solar panels, heat pumps, and battery storage. He highlights the benefits of these technologies in reducing energy bills and contributing to a sustainable energy system. He foresees a potential market where homes could effectively have zero energy bills, driven by advancements in technology and supportive government policy.