Octopus Energy is launching a new programme to pay large British businesses for reducing their electricity consumption during peak demand hours. The Octopus Peak Performance Programme will allow firms to save or earn money by using less power when demand is high, or by moving energy-intensive tasks to times when renewable generation is abundant. Businesses spending more than £20,000 a month on electricity can register their interest from Thursday, according to Octopus Energy. The company said firms do not need to be existing Octopus Energy customers to participate in the scheme.
The programme mirrors Octopus' existing Saving Sessions initiative, which already rewards over one million households for reducing electricity use during peak times, often between 4pm and 7pm in winter. Businesses that join will be paid for every megawatt of power they shift away from peak periods, with Octopus saying this could earn them thousands or even tens of thousands of pounds annually. Octopus Energy For Business customers can pair the programme with smart tariffs such as the Shape Shifters tariff to increase their savings, the company said.
Alex Schoch, director of flexibility and electrification at Octopus Energy, said the scheme would help British businesses reduce energy bills and become more competitive without disrupting operations. Octopus stated that the programme aims to reduce Britain's reliance on gas and make better use of homegrown solar and wind power. The scheme will be run by Voltus, a US company already operating energy flexibility services for businesses in North America.
The launch comes as British businesses face some of the highest industrial electricity prices in Europe, driven by the country's reliance on volatile gas prices. Those gas prices have surged in recent months because of supply disruptions caused by the Iran war, the source material said. The UK's electricity grid operator has faced growing challenges balancing supply and demand this year amid transmission bottlenecks, extreme weather events and increasing intermittent renewable generation. Marissa Galizia, senior director of partnerships at Voltus, said energy flexibility from businesses is one of the fastest ways to ease strain on Britain's grid.