Octopus Energy expands its focus on Texas
In Texas, Wall Street Journal reported that Octopus Energy Group, a British energy conglomerate, is expanding its focus on Texas, using its renewable-energy-management system to offer cheaper prices to customers that have agreed to allow the platform to shift their demand from times of shortage to those of abundant supply. The firm had entered the U.S. market through its acquisition of Houston and Silicon Valley-based startup Evolve Energy for $5 million in 2020. Texas’ deregulated energy market allows location-specific variable pricing, which is needed for Octopus to make its model work, by shifting consumer demand, according to the report. Octopus’s Kraken software system uses AI and machine learning to track one to two billion data points daily to balance power supply and demand, the company said.
