Octopus Energy has announced that the combined capacity of electric vehicle (EV) batteries using its smart tariff, Intelligent Octopus, has surpassed 100MW.
Intelligent Octopus customers are able to set the amount of charge they require, as well as the time they wish their vehicle to be charged by using the Octopus Energy app, following this, the company’s energy technology platform, KrakenFlex, automatically charges cars when the grid is less busy and energy is cheaper.
Launched in 2022, Intelligent Octopus is the first 100% flexible charging tariff according to the energy provider, allowing EV drivers to charge their car for 10p/kWh.
This is 29p cheaper than the figure published in Zap-Map’s price index, released in November 2022, which found that in September of that year, the average rate of charging at public chargepoint in the UK was 39p/kWh.
By strategically using energy at times where grid capacity is higher, Intelligent Octopus is said to be able to reduce fuel costs for the average driver to 3p per mile – less than a third of the cost from a standard variable tariff.
“We urgently need to build flexible grid technology to turbocharge the green energy system. The tariff acts as a virtual power plant, shifting demand out of peak times and therefore cutting bills for everyone,” said Alex Schoh, head of flexibility at Octopus Energy.
“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.”
Octopus continues to build its EV portfolio and partnerships. Last December, the company announced a new partnership with Stellentis offering six of its brands – including Alfa Romeo, Jeep and Peugeot – the Octopus EV bundle, which includes Intelligent Octopus.