Warwickshire-based Midcounties Co-operative and Octopus Energy, a London-based provider of green energy, are encouraging Octopus energy customers to invest directly in community energy projects as part of a joint venture relaunched last month.
Midcounties Co-operative sold its energy supply businesses and customers to Octopus Group in 2019, but said it would continue to develop non-supply energy products through its Co-op Energy brand.
The two companies' Younity venture, formerly called Co-op Community Energy, is aiming to get more Octopus energy customers to invest in such projects to address climate change.
Citing research from an upcoming report, Younity said there is an "overwhelming concern" over climate change among UK energy bill payers with the majority wanting to take positive action. Yet, young people aged 16-34, who have the "strongest appetite" to take such actions, were hindered in their support of renewables due to their relatively low homeownership.
To allow more people to have direct stakes in community energy projects, Younity will be providing Octopus customers who are currently subscribed to a renewable energy tariff that buys energy from projects, called “Your Co-op Energy's Community Power”, with an option to also invest directly into new and existing projects.
The investments add a small additional payment to their monthly bills.
Younity is the UK's largest community energy buyer. It has formed partnerships with 100 community generators that power Your Coop Energy's Community Power tariff, which was introduced in January last year. In the past six months, its partner community generators have more than doubled their power generation, becoming capable of energising 45,000 homes.
Moreover, Younity is supporting community energy projects through the Community Power Fund, which in turn is financed through the tariff scheme.
"[W]e’re so excited by the next stage of the journey with Younity and how we can work with them to ensure that our community power tariff directly supports even greater investment in 100% renewable community generation," said Lizzie Hieron, COO at Midcounties Co-op.
"It’s imperative that we help community energy reach its full potential as it could have a massive positive impact in delivering an abundance of clean energy over the decades to come," Octopus Energy Generation CEO Zoisa North-Bond added.
The Midcounties Co-operative has trading outlets in Buckinghamshire, Oxfordshire, Gloucestershire, Wiltshire, Shropshire, the West Midlands, Worcestershire and the surrounding counties, but also has a national trading presence through its Travel, Childcare, Phone Co-op and Flexible Benefits businesses.
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