The UK’s second largest energy supplier Octopus Energy has today (23 October) unveiled a new rewards scheme for smart meter users.
The ‘Octoplus’ scheme offers users a “dynamic rewards system” enabling households that use smart meters to exchange their energy usage for a host of benefits, prizes and more.
An important aspect of this scheme is that participants are able to engage further with Octopus’ demand flexibility service (DFS) ‘Savings Sessions’ – an initiative which was introduced last winter as energy reserves dwindled.
It is worth noting that between the months of October 2022 and March 2023, Octopus’ Saving Sessions managed to shift 1.86GWh of electricity away from peak periods across 13 sessions.
With the DFS initiative set to return this winter, the introduction of the new rewards scheme is particularly timely with hopes of more customers signing up and engaging with energy demand.
According to statement by the company, customers can “redeem their Octopoints for account credits, and will soon be able to make charity donations or exchange them for exclusive Octopus Energy merchandise”.
Rebecca Dibb-Simkin, chief product officer at Octopus Energy said: “Our customers have been so passionate about earning Octopoints through our previous demand flexibility schemes that we’re very excited to give them even more ways to do so.
“With Octoplus, our savviest customers can now make their Octopoints go even further, converting them into brilliant prizes, merchandise and soon even more rewards through trusted partners.”
DFS to return this winter
As mentioned previously in this article, National Grid ESO’s hugely successful DFS initiative will be returning for winter 2023 with eyes for it to become another tool for the GB energy system.
The scheme was hugely successful with 1.6 million households and businesses partaking in the service and shifting over 3,3000MWh of electricity. Altogether, ESO expects to run a total of 12 test events between November 2023 and March 2024, with the Guaranteed Acceptance Price (GAP) for the initial six tests (until 1 January 2024) staying at £3,000/MWh.
For those wishing to learn more about the “significant changes” being made to this year’s DFS, please read this article by Current±.