Octopus Energy U.S. to Discount Texas Customers' Bills by as Much as 90% (Caps Prior Prices Under Wholesale Pass-Through Plan)

February 22, 2021

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Reporting by Paul Ring • ring@energychoicematters.com

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Octopus Energy U.S. (formerly Evolve Energy), which has offered a wholesale pass-through electricity membership plan in Texas, announced that it is capping prices under its plan for the week of Saturday, February 13th through Friday, February 19th

"Effective immediately, Octopus Energy U.S. is enlisting a one-time Bill Forgiveness Plan for all current customers in Texas. The plan provides forgiveness of any energy bill amount that is in excess of the Energy Information Administration of Texas average price of 12.20 c/kWh for the week of Saturday, February 13th through Friday, February 19th," Octopus said

"The historic nature of this extreme weather event has led to unprecedented demand on the grid, resulting in skyrocketing wholesale pricing for energy. To protect against a future grid failure, a more distributed grid is needed. One that takes energy from renewable, abundant sources like solar and wind, rather than relying on a central grid dependent on fossil fuels and complex machinery and systems. Wholesale products are a critical component of this solution, as dynamic pricing motivates consumers to use clean energy when it is abundant and is essential for allowing more battery storage to come online when it is needed most," Octopus said

"The lesson everyone should take from the events of the past week is that we are overly reliant on natural gas, which generates more than half of the electricity in Texas," said Michael Lee, CEO of Octopus Energy U.S. "As climate change increases the frequency and intensity of extreme weather, events like last week will only become more common, requiring forward-thinking, sustainable solutions rather than a continued reliance on fossil fuels or government bailouts to private companies. Private companies must manage their risks and protect customers from extreme events," Lee said

"Octopus Energy U.S. is committed to putting new consumer protections in place to ensure what happened in Texas is a one-time event, while also continuing to champion consumer wholesale energy as essential to building a cleaner and greener energy future," Octopus said

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