Octopus Energy CEO Says Spanish Households Would Trade Blackouts for 25% Cheaper Power

Octopus Energy’s chief executive, Greg Jackson, told an industry conference that many households in Spain would say yes to “the odd blackout” if it meant a quarter‑lower power bill. He cited the growing acceptance of home batteries, which can keep essential devices running for a few hours, as a factor that reduces the pain of short outages.

Jackson’s remarks came on the anniversary of the 2021 Iberian blackout that left tens of millions without power, transport, and communications. While the outage caused six deaths, the CEO stressed he is not advocating blackouts, only pointing out consumer willingness to trade reliability for cost when flexibility tools are affordable.

In the UK, average dual‑fuel (gas and electricity) bills are projected to hit almost £2,000 per year from July. The surge follows a sharp rise in gas prices linked to Middle‑East conflict and the continued reliance on gas‑fired plants for electricity generation.

Compounding the price pressure, the cost of grid upgrades—investments in power lines and network infrastructure—has more than doubled in household bills. Under the 2021 price cap, the upgrade charge was about £254 per year; the current cap places it at £457.

Octopus Energy argues that countries embracing cheap renewables and built‑in flexibility, such as Spain, enjoy lower energy prices and fewer price spikes. The UK, by contrast, risks “hard‑wiring” high costs through tens of billions of grid spending without clear evidence of necessity.

National Energy System Operator chief Fintan Slye acknowledged a forthcoming shift in household electricity use but stopped short of endorsing blackouts. He said significant grid investment remains essential to move power from generation sites to consumers.

If British households begin to see the same flexibility that Spanish consumers enjoy—through affordable home batteries and demand‑response programs—political pressure could mount to curb large‑scale grid projects that inflate bills. The debate now centers on whether technology can replace costly infrastructure while keeping lights on.

What to watch next: UK regulators’ decisions on upcoming grid investment programmes and the rollout speed of residential battery storage will shape the balance between reliability and affordability.