Octopus snares Ofwat chief executive as rapid growth continues
Fast-growing energy firm Octopus has lured Ofwat chief executive Rachel Fletcher away from the water regulator, it was announced today.
Fletcher, who spent three years at Ofwat, will become the challenger brand’s director of regulation and economics.
Octopus is one of the UK’s fastest growing companies, and last year acquired the rare “double unicorn” status after its valuation passed £2bn.
Its rapid growth has seen it take on 1.9m UK customers, with a further 17m people licensed to use its technology around the world.
It is one of a number of start-up energy brands which have combined to break up the traditional monopoly on power supply in the UK.
Last year, sector regulator Ofgem retired the “Big Six” designation of the country’s biggest suppliers due to the fast growth of the new entrants.
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In her time at Ofwat, Fletcher frequently clashed with the privatised water industry over reforms to the returns they could make from their investments.
At Octopus, Rachel will help Octopus define, and campaign for, the lowest cost path to a green energy system, the firm said.
With renewables increasingly cheaper than fossil fuels, the key issue is finding ways for consumers to benefit from cheap green power, rather than paying more through an outdated energy system, it added.
Fletcher said: “I’m very excited to be joining Octopus Energy. Greg Jackson and his team are on a mission to bring about a fast, efficient and just transition to net zero.
“In the space of a few years they have shown what can be achieved with a clear purpose, leading edge technology and a focus on treating people fairly.”