Octopus Energy join forces to help decarbonise India.
Octopus Energy Group and Indian firm, Sterlite Power have signed an agreement to help bring cleaner energy to India and the world.
As an Octopus customer and a mother concerned about the future of the planet, I am delighted to see this agreement being signed. The Memorandum of Understanding (MoU), was signed at COP26 in November. Both Greg Jackson, CEO of Octopus Energy and Sterlite Power’s Managing Director Pratik Agarwal look equally pleased and I am not at all surprised. It’s a brilliant move for both companies and the planet!
What is the Green Grid Initiative?
The agreement between Octopus and Sterlite Power is the first UK-India energy partnership since the Green Grids announcement at COP26 in November 2021. Both UK and India Prime Ministers signed up to the Green Grid Initiative which aims to create a more inter-connected global grid.
The vision of the Green Grid Initiative is One Sun One World One Grid. Developing global partnerships that will help build, for example, a worldwide green grid through technology, market structures and investment.
Why is a partnership with Sterlite Power such a good idea?
Sterlite Power deals with the transmission of energy in India. They transmit energy around the country bringing power to homes and businesses. They seem to have a similar mantra to Octopus and have a reputation for shaking up the market. So far Sterlite Power has helped to reduce transmission costs in Indian by up to 40% but they don’t directly create energy. So it’s easy to see why joining forces with a green energy supplier would benefit both companies. Octopus and Sterlite would have both green energy generation and supply covered. It’s a win, win.
India is currently the third-largest carbon-emitting country in the world. It produces over 2.6 billion tonnes of carbon dioxide a year and without intervention, this may continue to rise. Sterlite Power and Octopus are hoping to create renewable energy and storage facilities in India making energy cheaper and greener. 👏
Will the partnership help drive down costs and make the grid greener in the UK?
Yes, I think it will. Octopus Energy doesn’t shy away from a challenge. They take bold steps and I think this is quite a brilliant move for both the UK and India. The UK has a limited amount of competition in terms of infrastructure for transmitting energy. If the partnership can help the UK distribution costs it could not only help both the UK customers pocket but also the planet.
Octopus Energy is now in 13 countries and may soon launch a retail energy business in India. You really cannot question their commitment to decarbonisation!
Well done Octopus. Do you ever sleep or are you beyond sleeping? I think Octopus Energy is on a mission and it is one I am pleased to support! Thank you! 💚🌍