Octopus Energy fixed plan syncs with US smart home devices
Renewable energy retailer Octopus Energy has launched Intelligent Octopus in the US, an integrated demand response that gives customers a fixed-rate plan for helping to balance the grid when energy demand is high.
By enrolling in Intelligent Octopus, customers can reduce energy usage during peak demand to avoid system failures. Specifically, Intelligent Octopus allows customers to automate energy usage and save money when prioritizing energy efficiency and grid resilience.
Intelligent Octopus will pair directly with smart home devices. With today’s beta launch, Intelligent Octopus customers can connect their smart thermostats to Octopus Energy’s system that monitors grid activity.
When demand on the grid increases, Octopus Energy adjusts enrolled customers’ thermostats for 5- to 15-minute increments to decrease energy usage, afterwhich customers’ smart home products are adjusted back to their original settings. This helps to decrease demand on the grid when it nears its peak and rewards customers for helping to balance the grid through a lower rate product.
Intelligent Octopus is powered by Octopus Energy’s proprietary Kraken technology that uses advanced data and machine learning to automate a majority of the energy supply chain. This capability allows customers to access power when it is cheaper and greener, while helping to balance the overall stability of the grid. Intelligent Octopus will also expand to additional smart home devices and providers in the months to come.
AI and ML platform helps balance grid and improve energy efficiency through intelligent demand
“Too often the energy industry focuses only on supply side solutions, such as building more power plants or transmission lines,” said Michael Lee, CEO of Octopus Energy US.
“This strategy isn’t just inefficient, but it’s also extremely costly. Energy retailers who lead the future of the industry will focus on the ability of consumers to strengthen our energy systems and build new, innovative products that enable a balanced grid through more intelligent demand. With Intelligent Octopus, we’re making it easier than ever for consumers to engage with their energy use while rewarding them for taking positive actions to maintain the grid for themselves and their neighbours.”
Today, less than 2% of customers participate in demand response programs in Texas. This is because consumers are left with a status quo where most energy providers prioritize profit over quality service.
Traditional energy providers take an approach that leaves consumers with unexpected price hikes, confusing bills and limited communication channels despite energy powering our everyday lives.
These energy players have also been resistant to modern technology innovations that can vastly improve customer experiences, increase energy efficiency and enable a stronger grid. Unlike these players, Octopus Energy is built on an AI and machine learning platform that streamlines energy services and empowers its consumers with transparency around their energy bills and usage.
Intelligent Octopus further expands Octopus’ offerings and is one of the first-ever demand response plans in Texas that rewards enrolled customers for helping to balance the grid.