- Octopus Energy is looking to ramp up its renewable energy supply mix in Japan.
- The energy supplier currently relies on Tokyo Gas for electricity.
British energy supplier, Octopus Energy, is looking to ramp up its renewable energy supply mix in Japan. The company entered the Japanese market in late 2020 via a joint venture with Tokyo Gas and has garnered approximately 160,000 customers.
The energy supplier currently relies on Tokyo Gas for electricity. About 80% is sourced through liquefied natural gas (LNG)-fired power generation. However, the company’s Japanese arm plans on adding more renewable energy to its procurement portfolio, as the purchasing price of renewable power is stable compared to LNG, as stated by Hajime Nakamura, the CEO of TG Octopus Energy in Japan. The energy supplier aims to source renewable power directly and expand access to renewable energy as a source of their electricity.
Last week, its power generation arm, Octopus Energy Generation, invested in Yotsuya Capital, a leading Japanese solar power developer. Its partnerships with offshore wind suppliers could give Octopus another renewable bump in Japan. Nakamura said, “Going forward, we expect offshore wind power development will accelerate, so our potential future deals (for sourcing power) will be offshore wind power.” However, Nakamura declined to disclose the total amount received by his company from Tokyo Gas as working capital.