Hundreds of thousands of Octopus Energy customers are set to avoid January’s price cap rise due to the provider’s ‘Saving Sessions’ demand flexibility scheme.
Ofgem increased the energy price cap by five percent on January 1, however, energy customers who opt into providers’ Demand Flexibility Schemes can save some money by reducing their usage during specified “peak times”.
According to Octopus, its customers who turn down their usage by an average of 0.7kWh per session across all sessions will earn back enough to offset the £24 price cap rise.
Over 313,000 ‘Saving Sessions’ customers (26 percent) are expected to earn this amount before this year’s demand flexibility service ends on March 31.
Octopus ‘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 £5.3million last winter.
This year’s ‘Saving Sessions’ has eclipsed the last with over 1.2 million customers now signed up. According to Octopus, customers have collectively earned more than £4million in 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.
Following the success of the UK scheme, 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.”
To find out more about Octopus Energy’s Octoplus Saving Sessions, click here
A number of other providers, including British Gas and E.ON are also hosting Demand Flexibility Service sessions to help customers save some cash. Find the full list of registered providers here.
