Octopus Energy Set to Announce New Onshore Wind Projects

Octopus Energy, buoyed by the Labour government's recent policy shifts, plans to unveil new onshore wind projects in England. CEO Greg Jackson emphasizes the importance of market reforms, particularly regional electricity pricing, to incentivize local projects. Octopus Energy aims to deliver affordable renewable energy to communities hosting wind turbines.

Octopus Energy is gearing up to reveal new onshore wind projects in England, following the Labour government's decision to lift the ban on new wind farms. CEO Greg Jackson confirmed the company's plans in an interview.

The Labour government aims to decarbonize the electricity system by 2030 and has announced measures to facilitate renewable energy infrastructure. Thousands of communities have shown interest in onshore wind projects, and announcements in supportive areas are expected soon, Jackson said.

Jackson called for continued energy market reforms, particularly the adoption of location-based electricity pricing to lower costs for communities near generation sites, encouraging local support. "Market reforms towards regional pricing will enable investment in the right projects in the right places and cut costs in each region," Jackson added.

Countries like Italy, Sweden, and Norway already use zonal electricity pricing. Octopus Energy's program matches communities with landowners for wind projects, offering electricity up to 50% cheaper for those hosting turbines. Its Energy Generation arm manages 1.7 gigawatts of renewable power in Britain and has projects across Germany and the U.S.

(With inputs from agencies.)