Octopus has highlighted that the wholesale market instability experienced over the last 18 months has significantly raised retail risk in the energy sector.
Speaking during a session at the Commons Energy Security and Net Zero Committee, Rachel Fletcher, Group Director of Policy and Regulation at Octopus Energy said: “We’re out of that period.
“We are incredibly successful in attracting capital into Octopus Energy Group. I think the thing that concerns us is that we now have to tie up much more of that capital into our retail business. than before because of new regulations.
“And indeed, that is actually getting us to the point where we need to make profits in retail.”
Mr Norbury said: “The one area that I would call out is a lack of policy certainty and a lack of ambition in terms of the investment in energy efficiency in the UK.
“And I call that out because it is an investment in energy efficiency, which will bring bills down permanently, which will create thousands of good jobs and decarbonise.
“And at the moment, we don’t have policy certainty, we don’t have enough ambition in the funding levels. If we have that, then that gives us the opportunity to invest alongside government.”
