Octopus Energy launches fan club to provide access to wind power in Texas
In Texas, renewable energy retailer Octopus Energy said it launched what It claims to be the US’s first-ever Fan Club, a unique electricity rate that provides savings when local wind turbines are spinning. When there is high wind power accounting for 45% or more of the Texas grid’s generation during a given period, customers will receive a 50% discount on their energy costs, the firm said. “Legacy energy companies constantly think that the solution to a renewable energy grid is more fossil fuel supply,” said Michael Lee, CEO of Octopus Energy US. “Instead, we’re developing a new grid that puts customers and renewables at the center of innovation. Through the Fan Club, we have the opportunity to harness incredibly low-cost electrons that come from renewables and financially reward everyday consumers to shift their usage to periods of energy abundance. This strategy both lowers customer bills and strengthens grid stability. As other states implement large-scale solar and wind buildouts, this can serve as a model for how consumers can be financially rewarded in the energy transition, provided regulators allow us to introduce this innovation to their regions,” the executive added. Powered by Kraken, Octopus Energy’s proprietary cloud-based energy technology platform, the Fan Club will first be available to customers in South Texas while residents across the rest of Texas can sign up for the waitlist, the firm said.
