Price cap protect: Octopus’ customers beating the price cap by reducing energy usage
- Over 300,000 Octopus customers not affected by price cap rise due to savings made through ‘Saving Sessions’
- Over £4m paid out to 1.2m customers for using less energy during peak times to help the grid
- Comes as Octopus launches the scheme in France and the US
London, 22nd January 2024 - Octopus Energy’s revolutionary ‘Saving Sessions’ demand flexibility scheme has saved customers the increase of the January price cap.
Customers that turn down their usage an average of 0.7kWh per session across all sessions will earn back enough to offset the £24 price cap rise. Over 313,000 (26%) ‘Saving Sessions’ customers are expected to earn this amount before the end of this year’s demand flexibility service on 31st March.
‘Saving Sessions’ was the first consumer flexibility project to be announced after the National Grid’s Demand Flexibility Scheme launched in November 2022. Last year, more than 700,000 of Octopus’ smart meter customers signed up to turn down their energy usage, earning a combined £5.3 million over the course of last winter.
This year’s ‘Saving Sessions’ has already eclipsed the last. Over 1.2 million customers are now signed up and have already earnt £4m in just 10 possible hours of activity.
This year, customers are rewarded with ‘Octopoints’ as part of its recently announced rewards scheme, ‘Octoplus’. The number of ‘Octopoints’ earned varies based on the specific event, and streak bonuses and prize draws are up for grabs for those participating in multiple sessions in a row.
The scheme has been so popular that Octopus is now launching similar versions to its French and American customers.
Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy Group, commented: “With millions of our savvy customers enjoying cashback for reducing energy usage, more and more can beat the price cap in the depths of winter - while also helping the grid!
“Through ‘Saving Sessions’, smart tariffs and demand flexibility, we’re creating a brand new energy system that has customers benefiting at the heart. We’re imploring as many customers as possible to get involved and turn down as much as possible so that the price cap rising won’t seem so daunting.”
Notes to editors:
SAVING SESSIONS RESULTS
Winter 23/24 (so far)
Number of windows
Customers signed up
Average opt-ins per session (customers that say they want to reduce energy during a session)
Total paid out
Accumulative average earning of top 5%
Energy turned down
Octopus Energy Group
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About Octopus Energy
Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 7.7 million households globally.
Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.
Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy.
Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.
For more information, check out our website.
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