The CEO of Octopus Energy has responded to Reform UK’s threats to cancel subsidies for renewables, saying the right-wing opposition party “has a point”.
Led by Nigel Farage, Reform has seen a surge in recent months, with some polls suggesting the right-wing opposition party could win power in the next UK general election, set for 2029.
In July, the party warned renewable energy companies — including Octopus — it would “strike down” subsidies should it win the next election, citing “intolerable costs” to the economy.
Speaking at Sifted Summit on Wednesday, Octopus CEO Greg Jackson told audience members Reform was right to highlight people’s frustration with rising energy bills, but warned against any reversion to fossil fuels.
“Reform has got a point. We have a brutally inefficient electricity system,” he said. “Reform has quite rightly understood that citizens are angry at paying too much for something and having no choice [...] They're having to choose between buying school uniforms for their kids and paying their energy bills. That is a serious issue.”
He added: “The answer isn't to go back to gas. We should remember that gas cost the UK £100bn in subsidies for energy bills during the gas crisis just a few years ago. But at the same time, we have to reform the market so consumers get the benefit of cheap renewables.
“I haven't yet had any serious meetings with Nigel Farage. I've met him at an event over a pint and floated some of this, funny enough.”
Jackson was speaking on the main stage at Sifted Summit in London, which this week plays host to other leading tech entrepreneurs such as ex-Google CEO Eric Schmidt and Sequoia Capital investor Luciana Lixandru.
