News has been abundant re the pending ESO initiative (National Grid to pay households more to use off-peak power | National Grid | The Guardian) and £3 a kwh is very attractive and also shows the Equiwatt incentive model has appetite. Though ofc the ESO data suggests higher payout is better.
Nonetheless, the Q I had was would Equiwatt be looking to tie in the apps timing to the peak hours ESO will be suggesting from next month?
That’s a great question @Arfan_Bhatti!
Our rewards model is unique and varies depending on appliance connected, estimated value of flexibility service in the market (this varies event by event), loyalty of participation etc. so we’re currently effectively offering more than £3/kwh.
But to answer your question, we will be involved in the Demand Flexibility Service and over the coming months some equivent will line up with the the National Grid’s flexibility events. When equivents are lined up with NG flexibility events, we will make sure all participants get rewards of at least £3 per kWh saved.
As you are probably aware so far only Octopus Energy, E.ON and OVO have signed up to the scheme but we will enable our users to benefit from it regardless of which supplier they have.
We will be providing some more information around the National Grid’s Demand Flexibility Service and how it will all fit with equiwatt in the near future so please do keep an eye out for that.
Noting you are now on the approved list, how with the opt in process work? As I understand this has to be “day ahead” so you can confirm at 10am on the day.
Also will the reward granted vary depending on the accepted bid? (though I note the Gap remains at £3000mwh).
Hi Arfan, we are still finalizing these details. We will let you know via email & I will also post here.