The Ofgem energy price cap is set to rise by 54 percent in two weeks, adding an average of £ 693 to household energy in April. As Chancellor Rishi Sunak is poised to announce his Spring Statement today to tackle the cost-of-living crisis, Octopus Energy has also launched a scheme that harnesses UK’s wind capabilities to lower energy costs for specific towns under the plan.
Speaking to Express.co.uk, Zoisa North-Bond, the CEO of Octopus Energy Business & Generation, explained the firm’s innovative green scheme, and how it can be scaled up.
She said: “Our Fan Club tariff has backed up our idea of why we believe we can deploy so many renewable projects and quickly.
“These are two turbines, one in East Yorkshire, just outside Market Weighton and the other in Caerphilly, South Wales.
“We know that when energy is in abundance and the grid is overloaded with capacity, electrons are much cheaper to use.
“What is great is that with these turbines, which are 5-7 miles away from these villages, when these blades are turning, we can actually pass on significant discounts to the consumer for using energy during this period.”
Ms North-Bond noted that towns near the wind turbine would receive a 20 percent discount on their electricity simply for living close to a site that generates renewable electricity.
She added: “When the wind is really blowing up to certain speeds, you can get as much as 50 percent off.
“When we entered the [electricity] generation space, we entered with a mindset of how we can we create the cheapest green electrons for customers to use.
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Ms North-Bond continued: “What’s interesting is that we then don’t just see consumers as passive in the energy system, but actually having the ability to solve this issue of when you have oversupply, and being able to respond to those signals and use energy.
“During this time they could be charging their electric vehicles, washing their clothes or boiling their kettle.
“It’s a been a runaway success.
“We’ve seen those tariffs oversubscribed, and actually on the back of those, we’ve had over 1500 communities and villages wanting to build wind turbines near them so they can get cheaper electricity.
“This is a hugely exciting model.”