Greg Jackson, the CEO of Octopus Energy, has called for Ofgem to modify its regulations in order to reform the energy market, saying some customers could benefit from windows of free electricity.
Jackson was speaking at a conference at the Tony Blair Institute for Global Change in London when he said renewable energy could be better utilised if the energy market was reformed. Jackson said that there was currently a complete absence of price signalling, adding:
“In the UK, every half hour, the electricity price across the UK is the same. It’s the same whether you’re in Scotland, and all the wind farms are turning. Or you’re in Slough and we’ve got so little electricity, you can’t build data centres. It’s crazy.”
He said that instead of getting the wind farms in Scotland to turn off in such situations, it would make more sense to offer Scottish residents cheap or even free electricity. In contrast, the shortage of energy in other areas, such as the South East, would provide the price signals needed to invest in energy storage and generation there.
Jackson added that the current price signals were so mixed up that the UK’s international interconnects were flowing the wrong way a third of the time.
While cheaper electricity will always be welcome, the main way you can save money on your energy bills is through energy efficiency. Xgas can provide a boiler service in Chester to ensure your boiler is working efficiently and reduce its chances of breaking down during the winter.
