Octopus says 150,000 customers get £600 off energy bills

Octopus Energy has announced that the UK’s most popular electric vehicle (EV) tariff, Intelligent Octopus Go, now manages a combined 1 gigawatt (GW) worth of EV batteries. 150,000 EV batteries are combined into a virtual power plant via Octopus Energy’s proprietary technology platform, Kraken.

1 GW of capacity is equivalent to the amount of electricity needed to power both Birmingham and Leeds on a typical evening. The number of customers on the fare has increased fivefold in the last year alone – more than 150,000 drivers now choose. It’s one of the cheapest electric vehicle tariffs in the UK and can save customers £600 a year compared to charging on a standard variable tariff, or £1,660 a year versus a petrol car.

More than 250,000 electric vehicles are now on Octopus smart tariffs, the energy firm – which is rivaled by OVO, EDF, EON Next, British Gas and others – said. Alex Schoch, head of flexibility at Octopus Energy, said in a statement: “We are witnessing a paradigm shift in global energy – moving from dumb systems to smart systems that dynamically manage energy supply and demand in a Uber style.

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“Now the ability to manage a virtual power plant of 150,000 electric vehicles has massive benefits not only for our future green grid, but also for every person who pays an energy bill.” Schoch continued and said, “We’re excited to see it grow even more from here.”

Lesley, an Intelligent Octopus Go customer from Derby, said in a statement: “We’ve been really pleased to have Intelligent Octopus working for us, not only saving us money charging the car, (but also) helping to balance the grid.”

Lesley’s statement continued, saying: “We feel good knowing we are doing our bit to help make our energy use greener.”