Why UK Bills Are So Expensive?! | Greg Jackson, Octopus Energy CEO

Octopus Energy’s Greg Jackson on Agile Tariffs, Standing Charges, and the Future of Electrification

Jimmy interviews Octopus Energy CEO Greg Jackson about how Octopus’s Agile tariff mirrors half-hourly wholesale prices, sometimes going negative when supply exceeds demand, and how “powerdowns” and “powerups” pay customers to shift usage when electricity is expensive or cheap.

Greg says over four million customers have used these tools, saving over £1 billion, and argues smarter use of existing grid capacity could reduce the need for £100 – £200 billion in new infrastructure.

They discuss why standing charges are “out of control,” how fixed network costs now make up much of bills, and the growing cost of paying wind generators to turn off.

He highlights falling costs and benefits of EVs, home charging, batteries, and heat pumps, plus energy geopolitics, China’s clean-tech lead, and AI’s emerging impact on jobs. He calls for consistent policy focused on electrification.

Chapters:

00:00 Agile Tariff Explained 01:20 Negative Pricing Moments 02:15 Powerdowns and Powerups 04:07 Savings and System Efficiency 06:10 Standing Charge Breakdown 09:57 Where Your Bill Goes 12:02 Using Wind Power Better 12:45 Why Electricity Use Fell 15:00 EV Charging Cost Reality 17:33 Octopus EV Leasing Scale 18:45 Why UK Power Costs More 19:56 Cutting Energy Levies 20:30 Home Batteries Boom 21:36 Heat Pumps Data Edge 23:45 Energy Geopolitics Shock 26:50 China Tech Risk Reality 29:23 China Innovation Machine 34:35 AI Jobs Uncertainty 38:47 Raising Kids With AI 41:46 Budget Wish List Electrify 43:49 Closing Thoughts

This episode is powered by Octopus Energy.

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