FLEX APPEAL: hundreds of thousands of Octopus Energy customers join second ‘Saving Session’
- 94% of customers who signed up to the first energy reduction scheme session took part in the second session
- 8 out of 10 people who joined the first two sessions had a positive experience
- Top 5% of participants earned an average of £9 across the two first sessions
- Customers delivered equivalent of Leicester’s households going off-grid for an hour
London, Thursday 24th November 2022 - Hundreds of thousands of Octopus Energy customers participated in its second energy reduction session whilst helping balance the grid, preliminary results have revealed.
The new ‘Saving Sessions’ scheme is enabled by National Grid ESO’s new ‘Demand Flexibility Service’ which allows households to get paid for shifting their energy usage out of peak times.
Over 200,000 households took part in the first session conducted on the 15th November. And 94% of those households also took part in the second session on the 22nd November between 5:30pm and 6:30pm.
Collectively Octopus Energy’s customers reduced their energy demand by 112MW in the second session, lowering demand on the grid by 4% compared to the first session. Together they delivered the equivalent to all the households in Leicester going off-grid for an hour.
On average, households received over £1 for the energy they shifted out of this one hour, with the top 5% of participants earning an average of £4.77*. Combined with the earnings from the first session, the top 5% of participants were paid an average of £9.
Across the two first test sessions, Octopus customers got paid over £525,000 collectively for providing flexibility to the grid. There will be a minimum of 10 more test sessions coming up over the winter, with more opportunities for customers to save money. Top participants will be able to earn over £100 in total.
Eight out of ten people who joined both sessions had a positive experience, and 95% would recommend it to a friend. Participating customers who took part in a survey following the first two sessions said they made simple changes to their behaviour. The most popular tip shared was cooking dinner at a different time, followed by going out for a walk and reading a book**.
The impressive results come as the government announces a new public information campaign on how to save energy this winter aimed at slashing bills and helping to free the country from the grip of global gas prices.
Alex Schoch, Head of Flexibility at Octopus Energy, said: “We are thrilled by these first results. By cooking tea a bit later or taking the dog for a walk, people could save a pound or two. The savings may be small, but just like the 20% off a pack of sausages in the supermarket, it all adds up.
“We are proud to have pioneered this trailblazing scheme which has the power to change the face of the grid forever, making energy cleaner and cheaper for everyone.”
During the session, Octopus Energy customers tweeted their support and shared the different ways they were turning down their usage:
More than 420,000 customers of Octopus’ 1.4 million eligible electric smart meter customers have already signed up to the scheme, which is running from November to March next year and is still accepting new sign ups.
Octopus Energy smart meter customers who are yet to take part can still sign up for the scheme here: https://octopus.energy/saving-sessions/
Notes to editors
*All earnings were paid in the form of ‘Octopoints’, which can be exchanged for energy account credit, cash or eventually prizes and donations to the £15m ‘Octo Assist’ fund, helping people who are struggling with their energy bills at the moment.
**Based on a survey of 2,037 Octopus Energy customers who had signed up to ‘Saving Sessions’ and managed to reduce their consumption. Research carried out on 23rd November 2022.
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About Octopus Energy Group
Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution. It is part of Octopus Group, which is a certified BCorp. With operations in 13 countries, Octopus Energy Group's mission is going global.
Octopus’s domestic energy arm already serves 3.4 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a £5 billion portfolio of renewable energy assets throughout the continent.
All of these are made possible by Octopus’s tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support over 20 million customer accounts worldwide, through deals with EDF Energy, Good Energy, E.ON energy and Origin Energy.
In December 2021, Octopus Energy Group was valued at approximately $5 billion following a $600 million investment from Generation Investment Management and a $300 million investment from Canada Pensions Plan Investments Board. Both investors back businesses that drive sustainability, promote green energy and tackle climate change. It was the company’s third major investment round since launching to the market.
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