The Octopus Energy Savings Trial shows customer usage is halved during peak load periods

Octopus Energy has unveiled preliminary results of its first large-scale customer energy saving trial, in which 200,000 households received payments to shift energy use off-peak this month in a bid to test whether the approach could help reduce stress on the grid, cut costs and reduce carbon emissions.

The results show that customers with installed smart meters who decided to take part in the trial November 15 Last week, on average, they were able to cut energy consumption by more than half – by 59 percent – compared to normal use, according to the energy giant.

Ordinary ratepayers received more than £1 for the hour-long test, which ran from 5pm to 6pm, in addition to saving on their bills through reduced electricity use, with five per cent of participants earning an average of £4.27, Octopus Energy said.

The company said customers could save up to £100 over the winter by taking part in the trial.

What’s more, the firm confirmed that it managed to reduce total energy demand in the UK during that hourly period by 108MW, equivalent to an hour’s output from a gas-fired power plant.

According to Octopus Energy, if the scheme were extended to all electric smart meter customers across Britain, the resulting flexible energy load would be more than 1GW, which equates to roughly the same as a coal-fired power station. .

Alex Schoch, head of flexibility at Octopus Energy Group, hailed the initiative as a “win-win” as trial results showed it had the potential to “clean up the grid, reduce costs and provide greater energy security”.

“Just like yellow-label products at the supermarket price, not everyone needs to participate, but those who do get cheaper energy for themselves and reduce waste and lower costs for everyone else,” he explained.

The company now plans to roll out the ground-breaking scheme more widely, inviting all 1.4 million electric smart meter customers to take part in the next so-called ‘Saving Sessions’, which will run from this month until March next year.

So far, more than 400,000 customers have signed up to the program, which is still accepting new members, according to Octopus Energy.

“Our huge investments in technology and customer relationships have made this possible, and we expect other companies to follow suit,” Schoch added.

The move comes amid a sharp rise in consumer bills caused by Russia’s war in Ukraine and growing concerns about Britain’s energy security. Proponents of flexible energy tariffs argue that they can help reduce gas imports and ensure grid stability during peak winter demand.

Octopus Energy is not the only major supplier to trial innovative flexible tariffs aimed at diverting customers from peak-time energy consumption. Competing energy provider OVO also launched a similar energy saving scheme to help reduce the burden on the grid and energy bill payers earlier this month, while British Gas is also reportedly preparing to start offering payments to its 3.8 million smart meter customers in return for reduced energy use during peak

https://www.businessgreen.com/news/4060475/octopus-energy-saving-trial-customer-usage-halved-peak-period The Octopus Energy Savings Trial shows customer usage is halved during peak load periods

Back to top button