Octopus Energy profits fall amid surge in customers and renewables investment Octopus Energy has seen a sharp fall in annual profit as it spent money on bringing in millions more customers, nearly doubling its workforce and installing renewable energy sources like solar panels.
And Octopus also spent £74 million on keeping its standard energy tariff below the energy price cap, as well as on its vulnerable customer bills support scheme and providing free electric blankets.
Octopus’s founder, Greg Jackson, has previously attributed its rapid growth to its proprietary tech platform, called Kraken, which allows it to monitor customers’ energy usage in real time and log their customer service phone calls, among other things.
Octopus’s customer base grew to 7.3 million across the UK during the year to April 2024, overtaking British Gas as the largest energy supplier in the country.
Octopus said its international customer base tripled during the year to 1.2 million, while it nearly doubled its staff numbers to 8,500, up from 4,800 the previous year.
