Greg Jackson, chief executive of British power giant Octopus Energy, said the company is looking to expand into the Middle East and possibly set up a technology center in the region. The company, which recently completed its acquisition of Bulbul, has been differentiating in a market where higher petrol prices have put pressure on revenue margins. “I think the Middle East, and especially the United Arab Emirates, are leading the way in creating sustainable energy solutions,” Jackson told The National. “We need to start talking to potential partners about creating a hub here to work together on technologies that can help combat climate change.”
One of the company’s objectives is to be able to end dependence on natural gas forever. The platform, powered by Kraken Technology, aims to make smart grids easier to use, increase efficiency, and improve customer service. Kraken, which uses algorithms to reduce costs for providers and customers, has licensed more than 45 million accounts in 13 countries through deals with companies including EDF Energy. Octopus Energy Generation wants to make renewable energy the easiest solution for everyone, so all of its electricity prices are 100% green, unlike other providers’ non-green rates.
They calculate how much of the electricity grid customers use each year, including a mix of wind power and fossil fuels, and ensure the system receives the same amount of renewable energy throughout the year. Not only does it effectively restore your electricity, but it also gradually contributes to a green electricity system for all. In the UK, Octopus Energy is one of the largest investors in renewable energy in Europe. It manages over 300 UK green energy producers, mainly solar and wind farms. They are planning to build 50 million homes worldwide by the year 2027.
They recently started buying their own green generators – two wind turbines, one in East Yorkshire and one in South Wales – and this is just the beginning. Last year it was enough to feed more than 1.2 million households. Energy independence is one of the choices it offers to its customers, which allows it to save up to 90% on bills. The United Arab Emirates and the United Kingdom have signed an agreement to share experience in clean energy, including low-carbon hydrogen and nuclear power. The agreement aims to strengthen strategic and technical cooperation in the energy sector between the countries and in the development of renewable energy technologies, including regulatory frameworks and incentives.
In addition, cooperation on smart grids and related technologies, environmentally sustainable transportation, electric vehicles, sustainable alternative transportation fuels, biomass energy projects, waste incineration energy generation, and carbon capture, utilization and storage projects will be strengthened. The agreement included cooperation on peaceful nuclear energy and related policies and technologies, as well as on low-carbon hydrogen. The main reason Octopus Energy wants to invest in the Middle East is because of the huge investments they are making to decarbonise their economy and move towards zero emissions.
The United Arab Emirates is one of the world’s largest oil exporters. But his government is pushing for measures to reduce dependence on fossil fuels, with strong commitments to building solar or nuclear power plants, Al Jazeera reported. Investment in renewable energy, hydrogen and other low-carbon fuels is one of the priorities of the new Emirati investment plan. The rise of these energy resources is a new reality, as Abu Dhabi focuses investments on diversifying its economy and generating other sources of income outside of oil, where buyers of so-called black gold will be lacking in the future.