Renewable energy retailer octopus energy launched Intelligent Octopus in the US, an integrated demand response that offers customers a fixed rate plan to help balance the grid when power demand is high.
By signing up for Intelligent Octopus, customers can reduce their energy consumption during peak demand to avoid system outages. Specifically, Intelligent Octopus enables customers to automate energy consumption and save money by prioritizing energy efficiency and network resiliency.
Intelligent Octopus will pair directly with smart home devices. With today’s beta launch, Intelligent Octopus customers can connect their smart thermostats to Octopus Energy’s system that monitors network activity.
When demand on the network increases, Octopus Energy adjusts registered customers’ thermostats in 5-15 minute increments to reduce power consumption, after which customers’ smart home products are adjusted back to their original settings. This helps reduce demand on the network as it approaches its peak and rewards customers for helping balance the network with a lower priced product.
Intelligent Octopus is powered by Octopus Energy’s exclusive Kraken technology which uses advanced data and machine learning to automate the majority of the energy supply chain. This capability allows customers to access electricity when it is cheaper and greener, while helping to balance overall grid stability. Intelligent Octopus will also expand to other smart home devices and vendors in the coming months.
AI and ML platform helps balance the grid and improve energy efficiency through intelligent demand
“Too often, the energy industry focuses only on supply solutions, such as building more power plants or transmission lines,” said Michael LeeCEO of Octopus Energy US.
“This strategy is not only inefficient, it is also extremely costly. Energy retailers leading the future of the industry will focus on empowering consumers to strengthen our energy systems and create innovative new products that enable a balanced grid through smarter demand. With Intelligent Octopus, we’re making it easier than ever to engage consumers with their energy use while rewarding them for taking positive action to maintain the grid for themselves and their neighbors.
Today, less than 2% of customers participate in demand response programs in Texas. Indeed, consumers find themselves with a status quo where most energy suppliers prioritize profit over quality of service.
Traditional energy providers are taking an approach that leaves consumers with unexpected price hikes, confusing bills and limited communication channels despite the energy that powers our daily lives.
These energy players have also resisted modern technological innovations that can dramatically improve customer experience, increase energy efficiency and enable a stronger grid. Unlike these players, Octopus Energy is built on an artificial intelligence and machine learning platform that streamlines energy services and provides its consumers with transparency of their energy bills and usage.
Intelligent Octopus further expands Octopus’ offerings and is one of the very first demand response plans in Texas that rewards registered customers for helping balance the network.
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