Octopus Energy joins forces with Foresight Metering
- Foresight Metering to fund the installation of SMETS2 smart meters for Octopus Energy
- Foresight Metering works with more than 67 energy suppliers and is contracted with 27 energy suppliers to fund meter installations
LONDON, 3 June 2019: Foresight Metering Limited (“Foresight Metering”), one of the UK’s leading meter asset providers (“MAP”) to a wide range of energy suppliers, is delighted to support the delivery of the Octopus Energy smart meter programme. Octopus Energy has selected Foresight Metering to fund the installation out of smart meters to a portion of their customers.
Over the last 10 years Foresight Metering has established a strong reputation as a leading MAP providing value for its customers through offering competitive rates of finance, guidance through the complex regulatory framework and flexibility around operational delivery. Foresight Metering’s team currently has 7 active SMETS2 programmes under way with many more reaching the implementation stage. Foresight Metering works with a broad range of energy suppliers from the disruptor challengers through to the established large utility companies.
Commenting on the partnership, Volker Beckers, Non-Executive Chairman of Foresight Metering said, “We are delighted to be partnering with Octopus Energy as, like us, they place the customer at the heart of their business and focus on creating value through investing in new and innovative products and services.”
Franco Miceli, Network Operations Director of Octopus Energy said, “We are delighted to be working with Foresight Metering to fund our smart meter rollout, the two companies have a similar focus and are jointly committed to deliver on smart meters to our customers as effectively as possible.”
Commenting, Tom Thorp, CEO of Foresight Metering added, “this transition from SMETS1 to SMETS2 has been high on our risk register for some time given the number of unknowns. However, we have worked closely with our partners in meter and IHD manufacturing, our installation partners and our energy supply customers to mitigate the majority of these risks. Through our partnership approach we have been successfully installing SMETS2 meters and are confident in delivering the growth in volumes demanded by our customers. I am delighted Octopus Energy have chosen to partner with Foresight Metering for their SMETS2 programme and with over 11,000 meters already installed I look forward to continuing our long-standing relationship.”
Foresight Metering has been actively phasing out its SMETS1 meter installation programmes and successfully implementing SMETS2 meter installation programs for several key partners.
Foresight Metering has partnered with multiple energy suppliers in the domestic and non-domestic markets to support their SMETS2 meter roll outs. Foresight Metering are exploring future opportunities in emerging technologies, such as EV charging, batteries and micro grids. In addition, Foresight Metering are working in conjunction with Igloo Energy and Southampton University in supporting a BEIS sponsored initiative “Project Sense”. This explores the development of unique software that identifies suitable energy efficient upgrades for customers’ homes.
For further information, please contact:
Annabel Arrowsmith, Foresight Group
firstname.lastname@example.org +44 (0) 20 3667 8179
Tom Thorp, Foresight Metering
email@example.com +44 (0) 7801 440367
NOTES TO EDITORS:
About Foresight Metering Limited (“Foresight Metering”):
Foresight Metering is a second-generation provider of MAP services, 100% owned by Foresight Group, the leading independent energy infrastructure and private equity investment manager.
Foresight Metering has a portfolio of 330,000 meters and works with over 67 energy suppliers. Working across the domestic and non-domestic energy markets, Foresight Metering supports its energy supply customers through helping them navigate the complex world of smart meters and the exploration of new technologies. Such as Electric Vehicle charging and Micro Grid generation and energy storage in the home and in the workplace.
About Foresight Group LLP (“Foresight”):
Foresight is an independent infrastructure and private equity investment manager with over £2.9 billion of Assets Under Management across a number of institutional and UK retail funds.
Foresight is a leading renewables infrastructure investor with more than £2 billion of energy infrastructure assets under management.
Foresight currently manages more than 140 renewable generation assets globally, with a total generating capacity of 1.6GW.
In Solar, Foresight has invested in over 100 solar plants and has more than 1.1GW of solar generation assets under management around the world.
In Wind, Foresight has more than 165MW of wind generation assets across the UK and Germany.
In Bioenergy, Foresight manages 32 waste projects with 115MW baseload generating capacity, processing over 1.8 million tonnes of waste per annum, having mobilised some £1bn of capital investment. The projects when fully operational will divert some 800,000 tonnes of waste from landfill every year, saving more than c.600,000 tonnes of CO2 emission every year.
In addition, Foresight manages 160MW of Reserve Power assets and two utility scale Battery Storage projects providing 45MW of Enhanced Frequency Response (“EFR”) services to National Grid.
Foresight is headquartered in London with regional offices in Manchester, Nottingham, Milton Keynes, Leicester and Guernsey and international offices in Sydney, Rome, Madrid and Seoul.