The world of energy continues to change rapidly.
Historically, energy has been a one-size-fits-all service, with limited need or opportunity to customise products and services to customers’ needs. Smart meters, a rising number of smart devices in the home, big data and increased take-up of technologies such as solar and batteries have opened a world of potential. For energy companies to continue to grow into the future, they need to step up and not only deliver great service, but offer new technologies and services quickly, easily and at a competitive price.
With today’s announcement of a new strategic partnership with innovative UK energy and technology company Octopus Energy, we are on a path to transform our retail operating model and how we service 3.8 million Australian customer accounts, radically improving the customer experience and the efficiency of our business. We’re deploying a platform that allows us to quickly and seamlessly integrate new technologies and services.
Octopus is genuinely unique in the global energy marketplace and has been doing great things to engage customers and make energy simpler. In just four years, Octopus has shaken up the UK energy market, growing to almost 1.5 million customers or 5 per cent of the market and adding about 40,000-50,000 customers a month on the back of superior customer service.
The key to its success has been its unique customer platform, Kraken, and operating model which have been purpose-built around the needs of customers. Origin will be adopting Kraken and this operating model to accelerate our retail transformation and radically improve the customer experience and reduce costs.
Origin will also be taking a 20 per cent strategic interest in Octopus. We have seen what Octopus has achieved with its retail business in the UK and licensing its platform with a growing number of energy companies. We have been getting to know each other over the better part of a year, and we are strongly aligned in terms of our purpose, values and strategies – particularly our desire to deliver superior customer service and accelerate the take up of cleaner and smarter energy solutions.
What this means for our customers is that in just over two years, they will have a vastly simpler experience, with the technology capable of integrating multiple services to a single bill, delivering agile tariffs and easy integration of smart meters, solar, storage and electric vehicles, and accelerating demand-side management capability.
This is much more than a technology platform. Our partnership with Octopus will allow us to do what we do today, but significantly better and faster. It will also allow us to seamlessly integrate the new technologies that are coming down the line to make energy easier, smarter and cleaner.
We have been on this path for a while, and this partnership will accelerate our transformation and deliver better value to our customers, employees and shareholders.
We are incredibly excited to start this next stage and look forward to working with Octopus.