Octopus Energy pays £1m to customers through ‘Saving Sessions’

Octopus Energy customers across the country have been paid £1 million for reducing their energy usage during the company’s first four ‘Saving Sessions’.

Octopus’ revolutionary energy-saving scheme is enabled by National Grid ESO’s new ‘Demand Flexibility Service’ which allows households to get paid for shifting their energy usage out of peak times.

Over a quarter of a million customers took part in each of the hour-long sessions. There have been four sessions in total so far where the National Grid is looking for reduced energy demand to help balance the grid. In total, nearly half a million customers have signed up to the scheme so far and will still have a chance to rake

Together, Octopus customers lowered the energy demand on the grid during each of these peak periods by over 100MW – the same amount as a gas power station can produce in an hour. Across all four sessions, customers moved almost 450MWh of energy consumption out of peak times, that’s enough energy to fully charge one smartphone per UK household.

Customers saved on average over £4 across the first four sessions, with the top 5% of savers bringing in almost £20.

On 12 December, there will be another ‘Saving Session’ for participating Octopus customers, offering them the chance to make money for all the electricity demand they reduce between 5-7PM.

Alex Schoch, Head of Flexibility at Octopus Energy Group, comments, “This is a massive milestone – across just four hours, we’ve been able to pay out £1 million to our customers. Normally, this money would have gone to businesses or dirty gas power plants to balance energy demand, instead it’s helping people lower their energy bills this winter.

“We are proud to have pioneered this trailblazing scheme, which is paving the way towards a smarter, greener and cheaper grid for all. And we’re glad that other energy suppliers are now getting involved, allowing even more people to grab a bargain and lower bills for everyone.”