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Ofwat CEO Rachel Fletcher joins Octopus Energy to help drive global decarbonisation of energy

2 Feb 2021
  • Fletcher will join as Director of Regulation and Economics, helping the company drive a cheaper, greener energy system globally
  • Energy tech business Octopus Energy Group is now valued at $2.1bn, following $577m investment and c. $400m of technology licensing in 2020
  • Octopus Energy now serving over 1.9m UK customers and has licensed its tech to serve 17m accounts globally

Octopus Energy, the energy tech disruptor, has announced the appointment of Rachel Fletcher, CEO of water regulator Ofwat, to join its team with the mission to drive a cheaper, faster decarbonisation of global energy systems through technology.

Octopus Energy Group is the UK’s fastest growing private company, owning Octopus Energy, one of the UK’s leading energy suppliers, Kraken Technologies, licensing to companies including E.On/NPower and Good Energy in the UK, and with operations in Germany, Japan, Australia and New Zealand. OEG also leases electric vehicles and operates the Electric Juice roaming network for EV charging.

As CEO of Ofwat, Rachel Fletcher actively pushed for environmentally sustainable, resilient and affordable water and waste services that better meet people’s needs. Prior to Ofwat, Rachel was Head of Retail at Ofgem and an Energy Consultant at PWC. Rachel studied economics at Sussex and Cambridge.

At Octopus, Rachel will help Octopus define, and campaign for, the lowest cost path to a green energy system. 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the key issue is finding ways for consumers to benefit from cheap green power, rather than paying more through an outdated energy system.

Greg Jackson, CEO and founder of Octopus Energy, comments:

“When I first met Rachel I was impressed by her no-nonsense style and a clear sense of purpose, championing consumers against sectoral interests. She brings her drive, intellect and passion to Octopus as we seek to deliver low-cost, tech-driven, decarbonisation of energy in the UK and around the world.”

Rachel says: “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. I look forward to being part of the Octopus team, working towards these goals that are so vital for people and the planet.”


For journalists in their professional capacity only. Issued by Octopus Energy Ltd. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 09263424. Issued: January 2021.