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‘Power enough for Birmingham and Leeds’: Octopus breaks 1GW EV battery management milestone

Octopus Energy today revealed that its Intelligent Octopus Go electric vehicle (EV) tariff has marked another major milestone, with the company now dynamically managing 1 GW of battery capacity – enough to power both Birmingham and Leeds in one ordinary evening.

The firm, which recently became the UK’s largest domestic electricity supplier by number of customers, revealed that its Intelligent Octopus Go tariff now manages 150,000 EV batteries as a virtual power station via its Kraken technology platform.

Launching in early 2022, the Intelligent Octopus is one of a growing number of flexible charging tariffs, offering drivers six hours of low-cost charging each night and incentivizing users to swap charging during periods when grid power is more ecological and cheaper.

The number of tariff customers has increased fivefold in the past year alone, according to Octopus, which claims the switch can save customers £600 a year compared to the charge on a standard variable tariff, or £1,660 a year compared to costs fuel for gasoline cars. .

Increasingly sophisticated flexible grid systems allow energy providers to dynamically match energy demand with supply fluctuations, facilitating the integration of renewables into the grid and reducing costs for grid operators and consumers.

The UK recently reached 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 electric vehicles are now on Octopus smart tariffs.

“We are witnessing a paradigm shift in global energy – moving from dumb systems to smart systems that dynamically manage energy supply and demand in an Uber-style manner,” said Alex Schoch, Head of Flexibility at Octopus Energy. 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. We’re excited to see it grow even more from here.”

In related news, rival energy giant OVO today launched a new customer rewards program, OVO Beyond, to help customers “bank” free miles and bill credit to be redeemed when they switch to an electric vehicle, install solar panels or take other measures to reduce their carbon emissions.

The firm says Beyond customers will be able to rack up 100 free miles per month – up to 2,400 miles over two years, which will be redeemed when they sign up to Charge Anytime. Similar buyback incentives against purchases of solar panels and air source heat pumps will be launched by OVO later this year.

The company’s Kaluza software will also help smart meter customers understand how they use energy in the home and provide energy usage insights, personalized tips and rewards that can lower bills and help homes run more efficiently.

You can sign up now to attend the fifth annual Net Zero Festival, which will be hosted by BusinessGreen on 22-23 October at the Business Design Center in London.