Across Britain, whenever more electricity is generated than consumed, wholesale prices fall – sometimes to below 0p / kWh, when suppliers are paid to take energy off the grid. Contact online >>
Across Britain, whenever more electricity is generated than consumed, wholesale prices fall – sometimes to below 0p / kWh, when suppliers are paid to take energy off the grid.
The new Agile Octopus tariff introduces ''Plunge Pricing'', which passes these negative prices on to customers – effectively paying them to use energy during times of over-supply.
Customers will be alerted to ''Plunge Pricing'' via text message, email or via their online dashboard, and once a month they will be sent a full breakdown of their half-hourly energy pricing and usage.
"This tariff is groundbreaking. By reflecting the real cost of energy on the grid every half hour, customers can capitalise on times when prices are especially low. Indeed, if the wholesale price goes below 0p / kWh, Octopus Agile will actually pay you to take the unwanted energy from the grid. As renewable energy production grows these events are only going to become more frequent.
"As well as having launched the first (and only) daily price tracker, this innovative tariff proves that it is challenger suppliers like Octopus Energy, not the Big Six, who are leading the way in unleashing the power of renewables.
"The Agile Octopus tariff cements Octopus''s claim to be the most progressive and innovative energy supplier in the UK and we''re excited about what we can do to help our customers move to a more renewable future."
Historically, big drops in energy prices have occurred overnight as energy consumption drops. However, with ever-increasing amounts of renewable energy available from solar and wind generation, such events are becoming more frequent.
This tariff enables anyone with the ability to shift their energy consumption – whether by setting timers for dishwashers and washing machines, using storage heaters, or setting the time for their electric vehicle charging – to get rewarded for helping reduce the stress on the grid.
Octopus Energy can offer "Plunge Pricing" thanks to its innovative use of dynamic pricing, which sees half-hourly energy prices set daily at 4pm for the following 24 hours. Prices are tied to publicly published wholesale costs to ensure full transparency. Charges are then calculated for each customer using the half-hourly consumption data from a smart meter, ensuring accuracy.
The tariff features an API (application programming interface), allowing customers to access dynamic pricing and use it to schedule smart devices, electric vehicles, and chargers.
For journalists in their professional capacity only. Issued by Octopus Energy Ltd. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 09263424. Issued: February 2018.
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The Octopus Energy Agile tariff is a unique and innovative electricity-only tariff designed to help you save money on your energy bills if you can be flexible with your usage.
The tariff is based on near real-time wholesale electricity prices, which means that the cost of your energy can vary every 30 minutes, depending on the demand and supply in the market.
As mentioned above, the main advantage of the tariff is that it could save you money over other tariffs (both from Octopus and other suppliers). There are some other non-financial benefits to the tariff too:
The Octopus Agile tariff changes every 30 minutes because it is based on wholesale energy prices, which can fluctuate every half-hour depending on the demand and supply in the market. This dynamic pricing system is designed to reflect the real-time cost of energy and encourage you to be more mindful of your energy usage during periods of high demand when energy prices are likely to be higher.
The Octopus Energy Agile tariff uses a technology called the “half-hourly settlement system” which allows energy suppliers to receive a half-hourly settlement price for the energy they supply to customers. This means that the price of energy can change every 30 minutes, based on factors such as weather conditions, energy demand, and supply.
This is a tough one to answer. The Octopus Energy Agile tariff can be cheaper than existing tariffs that currently follow the energy price cap (likely to be what you are on unless you have an existing fixed deal), but it depends on a variety of factors, including your energy usage habits and the current energy market conditions.
About Octopus energy tariffs agile
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When you're looking for the latest and most efficient Octopus energy tariffs agile for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Octopus energy tariffs agile featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
