Greg Jackson, chief executive of UK power giant Octopus Energy, said the company is looking to expand into the Middle East and possibly establish a technology hub in the region. The company, which has just completed the acquisition of Bulb, has been an outlier in a market where high gas prices have weighed on revenue margins. "I think the Middle East, and the UAE in particular, are thought leaders in creating sustainable energy solutions," Jackson told The National. "We really 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 goals is to be able to move away from dependence on natural gas forever. The platform, powered by Kraken technology, aims to facilitate the use of smart grids, increase efficiency and improve customer service. Kraken, which uses algorithms to reduce costs for suppliers and customers, has licensed more than 45 million accounts in 13 countries through agreements with companies such as EDF Energy. Octopus Energy Generation wants to make renewable energy the easiest solution for everyone, which is why all its electricity prices are 100% green, unlike the non-green tariffs of other suppliers.
They calculate how much electricity customers use from the grid each year, including a combination of wind and fossil fuels, and ensure that the system receives the same amount of renewable energy throughout the year. Not only does it effectively restore their electricity, but it also gradually contributes to a greener energy system for all. In the UK, Octopus Energy is one of Europe's largest investors in renewable energy. It manages more than 300 UK green energy producers, mainly solar and wind farms. They plan to build 50 million homes worldwide by 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 power more than 1.2 million homes. Among the options it offers its customers is energy independence, which saves up to 90% on bills. The UAE and the UK have signed an agreement to share expertise in clean energy, including low-carbon hydrogen and nuclear power. The purpose of the agreement is to strengthen strategic and technical cooperation between countries in the energy sector and in the development of renewable energy technologies, including regulatory frameworks and incentives.
In addition, cooperation will be strengthened in smart grids and related technologies, environmentally sustainable transport, electric vehicles, sustainable alternative transport fuels, biomass energy projects, waste incineration energy production and carbon capture, utilisation and storage projects. 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 the huge investment 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 its government is pushing for measures to reduce dependence on fossil fuels, with strong commitments to build solar or nuclear power plants, Al Jazeera reported. Investing in renewables, 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 investment on diversifying its economy and generating other sources of revenue outside oil, where the so-called black gold will lack buyers in the future.