As we head into the brand new 12 months, we reckon it’s excessive time we caught up with some thrilling developments which have been occurring within the fantastic world of Octopus Power Technology. OEG is the tentacle of our enterprise dedicated to investing in, constructing, and managing renewable power. They’re one of many world’s largest buyers in inexperienced power, centered on constructing clear energy sooner and higher to driving the price of power down for purchasers.
Making waves in offshore wind
£3 billion in new investments, with plans to unleash £15b extra price within the subsequent 5 years.
Ventures into the watery world of offshore wind took us to new heights over the past 12 months. With one funding alone exceeding a billion kilos, we have propelled ourselves to the very forefront of the business, fostering the expansion of quite a few wind farms and collaborating with a complete host progressive builders.
Central to our efforts was the introduction of our £3 billion offshore wind fund – however in reality, we’re solely getting began. Trying forward, we have set our sights on unleashing £15 billion in offshore wind tasks by the 12 months 2030. This could permit us to make an enormous affect within the offshore wind business.
The fact is that renewables are already the most affordable type of power. So we want extra wind and photo voltaic farms the place communities need them, and we have to take advantage of the renewables we have already got
Exploring Africa’s inexperienced energy with Idris Elba
With a lot fanfare (from our places of work and past) we introduced our HUGE collaboration to develop Sierra Leone’s first wind farm with none apart from A-Record actor Idris Elba. The venture will begin with 5 wind generators constructed alongside photo voltaic technology and battery storage to speed up the roll-out of renewable power, and supply the area people in query with reasonably priced, inexperienced power. It’s a first-of-its-kind renewables venture for the nation in 2024, and we’re delighted that it marks our first foray into growing renewables on the African continent.
Profitable crusing with our Fan Membership
Persevering with with our efforts to spice up offshore wind, one in every of our proudest moments this summer season was the inauguration of our first offshore wind ‘Fan Membership’, which is able to allow clients who dwell on the coast to profit from cheaper power when their native offshore generators are turning. This initiative emerged, partially, from the resounding success of our unforgettable boat journeys, geared toward serving to forge nearer connections between individuals and their native wind assets. The Fan Membership’s fast enlargement has been a testomony to the fervour and help we’re garnering from people and communities alike.
In tandem with the Fan Membership’s success, we have launched different progressive applications similar to “Plots for Kilowatts” and our “Winder” platform. Plots for Kilowatts empowers communities and people alike, creating alternatives for individuals to take part within the renewable power motion collectively, whereas the Winder platform opens up avenues for brand new onshore wind tasks, making clear power accessible to those that want it. These campaigns are the subsequent step in our mission to decrease power payments for native communities by constructing extra onshore wind tasks.
Onshore wind is extraordinarily fashionable amongst the overwhelming majority of the British public
Increasing our dedication to renewable power on a worldwide scale, we have ventured into new markets, making substantial investments and forming partnerships throughout Asia and Europe. Our current cope with a photo voltaic developer in Japan varieties a part of a £1.5 billion dedication within the area.
We’re additionally making strides in European markets, together with Germany, Eire, Portugal, Sweden, and the Netherlands. There, we’ve supported over 100 progressive tasks that profit companies by decreasing their reliance on fossil fuels and slicing down on power prices.
To fast-track the event of inexperienced power tasks throughout Europe, we have launched quite a lot of funds such because the Octopus Power Improvement Partnership fund, which is designed to help groundbreaking tasks that contribute to the area’s renewable power aims. We’ve additionally kick-started our Octopus Power Transition Fund, centered on supporting firms main the way in which within the shift to a low-carbon economic system.
Streamlining onshore wind
Whereas offshore wind acquired numerous consideration over the past 12 months, we didn’t overlook about onshore wind both. Regardless of being one of many most cost-effective types of technology, onshore wind has lengthy been hampered by strict planning and gradual grid connections. Recognizing the necessity for systemic change, we outlined a plan to chop business crimson tape so we will exponentially pace up the method to attach new wind generators. The plan is focussed on the UK, geared toward quickly making a greener, cheaper and safer power system, however lots of our findings maintain classes for (and from) the remainder of the world.
Staying within the UK’s onshore area, we’ve additionally entered right into a partnership with turbine producer EWT, designed to maximise the potential of current wind generators. We’re now working collectively to reinforce the effectivity of as much as 1,000 current generators (a couple of tenth of the UK’s onshore complete) unlocking their capability to generate much more clear, low-cost power. Why not try our CEO Zoisa’s case for a paradigm shift in the way in which we harness onshore wind energy.
This can be a fossil gas disaster – so to repair it, we have to rapidly carry extra home-grown low-cost inexperienced power onto the grid and into individuals’s houses. Solely by weaning ourselves off gasoline imports can we carry power payments down once more and enhance our power independence
Technology Ceo, Zoisa