Tuesday 6 February 2024

Octopus Energy chief warns billions may go overseas

Octopus Energy chief warns billions may go overseas

Octopus Energy's Chief Executive Officer, Greg Jackson, has expressed concerns over prolonged delays in UK grid connections and planning hurdles.

The boss of the energy giant suggests that these challenges may lead the company to consider investing billions overseas, as he highlights the comparative ease of initiating energy projects in France and Germany.

In an interview with The Telegraph, Greg Jackson said: "We have got access to billions of pounds of capital. We would like to deploy that here in the UK but capital goes where it can be deployed.

"At the moment, it is easier to build a lot of infrastructure in France and Germany than here in the UK."

Mr Jackson added: "There's a solar farm we want to build in County Durham and we won't get a grid connection until 2037. That's 13 years where that capital could be deployed.

"At the same time, we can deploy capita in other countries."

Written by

Sumit Bose

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