Octopus Energy boss: some people would accept occasional blackouts if bills cut
Summary
The CEO of Octopus Energy said some people might accept occasional power outages if it meant lower electricity bills. He warned that costly upgrades to the UK’s power grid could raise bills and suggested that flexible energy systems using home batteries might help manage costs while maintaining reliability.Key Facts
- Octopus Energy is the largest energy supplier in the UK.
- The CEO, Greg Jackson, said some Spanish consumers would accept occasional blackouts for electricity that costs 25% less.
- Spain and Portugal experienced a major power outage last year that affected millions and caused at least six deaths.
- Home batteries, which store electricity, are now affordable and can provide power during outages.
- Jackson warned against expensive power grid investments in the UK that may not be necessary.
- Octopus Energy supports building flexible energy systems to keep costs down and manage renewable energy better.
- An official report blamed the 2023 Iberian blackout on multiple factors including renewable energy, conventional plants, and the power network.
- The UK’s National Energy System Operator said more investment is needed to improve the grid and prevent blackouts, but full blackouts are not expected.
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