The Octopus tariff provides EV drivers with lower charging rates when the grid is less congested.
Octopus claims to manage over 100MW of EV charging power via its smart tariff, which is more than the biggest battery on the grid.
The combined capacity of Intelligent Octopus car batteries is sufficient to power a city the size of Leicester for an hour.
Flexible charging with 10p per kWh
Intelligent Octopus is a flexible car charging tariff that provides clean electricity for 10p per kWh when it is best for the grid.
According to Octopus, this enables an average driver to charge their electric vehicle for less than a third of the cost of setting a standard variable tariff, reducing fuel costs to about 3p per mile.
Octopus Energy App
Customers can set the time at which they want their vehicle to be charged by using the Octopus Energy app.
The energy technology platform that the company uses is called Kraken, and it works in the background to immediately charge the vehicles when there is abundant, low-cost energy available and when there is less demand on the grid.
The platform helps to maintain a healthy equilibrium between supply and demand on the grid. That said, Intelligent Octopus is in a position to contribute to creating a flexible grid that does not call for costly balancing costs.
Tariff as virtual power plant
“The tariff acts as a virtual power plant, shifting demand out of peak times and therefore cutting bills for everyone.
As more electric cars take the road and steal market share from old-school gas-guzzlers, we need even more solutions like Intelligent Octopus to handle the extra devices, increase the grid’s resilience and promote a green energy future.”
Alex Schoch, head of flexibility at Octopus Energy, explained
Intelligent Octopus was introduced in 2022 by Octopus, which is the third biggest energy provider in the United Kingdom, as a specialized tariff for the management of intelligent technology solutions.
