Credit: Octopus
Intelligent Octopus Go tariff now managing 150,000 EV batteries, providing sufficient flexible capacity to power two of the UK's largest cities for an entire evening
Octopus Energy has today revealed its Intelligent Octopus Go electric vehicle (EV) tariff has chalked off another major milestone, with the company now dynamically managing 1GW of battery capacity - enough to power both Birmingham and Leeds on a typical evening.
The firm, which recently became Britain's largest domestic electricity supplier by customer numbers, revealed its Intelligent Octopus Go tariff now manages 150,000 EV batteries as a virtual power plant via its tech platform Kraken.
Launched in early 2022, Intelligent Octopus is one of a growing number of flexible charging tariffs, providing drivers with six hours of low cost charging each night and incentivising users to shift charging to times when power from the grid is greener and cheaper.
The number of customers on the tariff has increased five-fold in the last year alone, according to Octopus, which claims switching can save customers £600 a year versus charging on a standard variable tariff or £1,660 a year compared to petrol car fuel costs.
Increasingly sophisticated flexible grid systems allow energy suppliers to dynamically match power demand to fluctuations in supply, making it easier to integrate renewables onto the grid and curbing costs for grid operators and consumers.
Britain has recently hit a milestone of one million registered electric vehicles, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT) and more than 250,000 EVs now on Octopus smart tariffs.
"We're seeing a paradigm shift in global energy - moving from dumb to smart systems that dynamically manage energy demand and supply in an Uber-style fashion," said Alex Schoch, head of flexibility at Octopus Energy. Now being able to manage a virtual power plant of 150,000 EVs has massive benefits for not only our future green grid, but every person that pays an energy bill too. We're excited to see it grow even more from here."
In related news, rival energy giant OVO has today launched a new customer rewards programme, OVO Beyond, to help customers "bank" free miles and bill credit to be redeemed when they switch to an EV, install solar panels, or take other steps to curb their carbon emissions.
The firm says Beyond customers will be able to bank 100 free miles a month - up to 2,400 miles over two years to be redeemed when signing up to Charge Anytime. Similar incentives to redeem against solar panel purchases and air source heat pumps will be rolled out by OVO later this year.
The company's Kaluza software will also help smart meter customers understand how they are using power in their home and offer insights into energy usage, personalised tips and rewards that can cut bills and help homes run more efficiently.
You can now sign up to attend the fifth annual Net Zero Festival, which will be hosted by BusinessGreen on October 22-23 at the Business Design Centre in London.
