Octopus Electroverse introduces Plunge Pricing, a game-changing feature on its network that offers discounts on public charging when energy is abundant. These cost savings are then passed on directly to the electric vehicle (EV) community.
Plunge Pricing explained
Plunge Pricing is an exciting development on the Electroverse network, enabling specific networks supplied by Octopus Energy to enjoy reduced prices during periods of high energy supply. This innovative approach aligns with the principle of supply exceeding demand, akin to a local shop offering discounts on excess stock.
Why does excess energy occur?
Excess energy on the grid is not an everyday occurrence, but it is becoming more frequent due to factors such as:
High solar generation during exceptionally sunny days
Increased wind generation on windy days
This surplus happens when the available energy surpasses the typical demand, leading to Plunge Pricing events.
How often do Plunge Pricing events occur, and how can you stay informed?
Plunge Pricing events do not adhere to a fixed schedule, as they depend on high energy generation and low demand. However, customers can generally expect a 24-hour advance notice before a Plunge Pricing event through the Octopus Electroverse app notifications.
Stay informed through the Electroverse app
To receive timely notifications, ensure your Electroverse app settings are configured for notifications. By enabling all notifications, you will receive a notification on your phone the day before a Plunge Price event.
Understanding Plunge Pricing discounts
Plunge Pricing goes beyond conventional discounts, as it is intricately linked to energy supply, demand, and wholesale prices. Designed to reflect cheaper costs during periods of low demand and high supply, these discounts are flexible and can vary with each event.
Will other discounts apply?
For Octopus Energy customers on Go and Intelligent GO tariffs, discounts will not be stacked. The higher discount at the time of a Plunge Pricing event will be applied.
When to expect a Plunge Pricing day
Plunge Pricing events are not scheduled and occur based on energy generation conditions. Customers can usually receive a 24-hour notice, ensuring they stay informed and ready to benefit from discounts.
Charging operators included in Plunge Pricing
Initially, Plunge Pricing discounts apply to charging operators supplied by Octopus Energy, including IONITY and Osprey. As Plunge Pricing becomes more frequent, additional operators may be included.
Stay in the loop with upcoming Plunge Pricing days
To be promptly notified of upcoming Plunge Pricing days, activate push notifications on your Electroverse app. This ensures you receive a notification on your phone the day before a Plunge Price event, allowing you to take advantage of the discounts.