Octopus Energy to pay customers to use their ovens in 'world first' energy deal

dailyrecord.co.uk:

Octopus Energy is gearing up to pay its customers for using their ovens in an innovative new initiative. Thousands of households will be rewarded for powering up their ovens, washing machines, and other appliances, as well as charging electric vehicles, during periods when there's an abundance of "green electricity" from wind farms, reports Birmingham Live.Detailing the Agile tariff scheme, Octopus Energy explained: "Across the UK, whenever more electricity is generated than consumed, energy prices fall sometimes to the point where prices drop below zero, and suppliers are paid to take energy off the grid."The firm announced its "world-first" plunge pricing offer, stating it "lets you take advantage of these negative price events, and get paid for the electricity you use".

The company added: "With Agile, you'll get access to half-hourly energy prices, tied to the wholesale market."They also cautioned: "There's a flip side to the cheap rates: prices can spike at busy times, so you need to be able to use power flexibly to make the most of it.

It's not every day the price goes negative just the overwhelmingly green days but rates are typically lower than a standard tariff most of the time."A delighted customer shared on Twitter: "I'll take that!

Negative price for using electricity right now. Price plunge this morning for @OctopusEnergy Agile customers. The reason being a surplus on the @nationalgrid from sunny and windy conditions thanks to renewables #Electricity.""I was kinda gutted I'd charged the car the previous night, so I could only top it up.