Octopus Energy has announced the launch of a “world first” local time of use tariff which will see prices fall for customers when wind speeds increase.
On 18 January, Current News, covering the announcement, set out how the “Fan Club” tariff will be available to those living close to wind turbines in Caerphilly, South Wales and Market Weighton, Yorkshire – both of which have been recently acquired by Octopus Energy, both of which can generate up to 500kW. These customers will be able to use a bespoke 100% green electricity tariff that has a 20% discount on the unit price when turbines are spinning – 98% of the time, according to Octopus.
Should wind speeds pick up to a point where the turbines are producing even more green electricity – over 8m/s in the case of Market Weighton, over 10.8m/s in Caerphilly – the discount will rise to 50%. According to Octopus Energy, compared to the price cap set at £1,042 for a typical dual-fuel household, those in the Fan Club will be able to save up to £229 from their bills.
The purchasing of the two turbines marks a first step in Octopus Energy’s “huge plan” for owning its very own generation and offering local wind tariffs across the country, according to Director of Octopus Energy Generation, Zoisa Walton.
Walton explained: “It means we can begin producing the clean, green power we provide to customers ourselves and incentivise customers to use energy when it’s the absolute greenest. By matching this generation with our proprietary agile technology, we’re unlocking exciting opportunities for the cheapest electrons to be the greenest.”