Texas Retail Provider Announces Research Project Into Consumer Price Responsiveness Under Different Electricity Market Conditions, Insights For Flexible Grid
July 26, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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The Centre for Net Zero, a research firm focused on clean energy and decarbonization projects and backed by Octopus Energy Group, today announced a global collaboration with researchers from The University of Maryland and The University of Cologne, led by economist Peter Cramton.
Drawing upon smart meter and time-of-use tariff data from Octopus Energy customers in Texas and the UK, Centre for Net Zero, Cramton, and his research team will examine consumer price responsiveness under different electricity market conditions and compare and contrast insights from Texas and the UK.
Octopus Energy said that, "The research will deliver an improved understanding of how different households adapt their energy use in response to wholesale price signals - and how Texans can leverage these insights to reform regulation of energy retail and shape energy products that both suit customers and support the decarbonisation of the grid. Public adoption of new technologies, like electric vehicles, heat pumps and smart thermostats, offers a huge opportunity to create new sources of flexibility. The research will seek to highlight the benefits to consumers, networks and energy providers of innovation in retail, such as smart energy tariffs."
"The findings of the research will feed into Centre for Net Zero’s ongoing work to develop the world’s most comprehensive, openly accessible agent-based model (ABM) of the energy transition, simulating the behaviour of households within a people-centred energy transition. The research will also provide valuable insights for Octopus Energy as the team expands access to affordable and renewable energy across the state of Texas," Octopus Energy said
"The outputs from the first phase of research are expected to be shared ahead of COP26, the 26th United Nations Climate Change conference, later this year. These will inform the next stages of the research, which will likely involve additional global research partners," Octopus Energy said
Michael Lee, CEO of Octopus Energy commented: "With weather extremes reaching new heights across the globe, the vulnerability of the current power system is becoming increasingly apparent. In preparation for record-breaking temperatures and high energy usage that come with it, this research project will serve as a way to better understand how we can make modern energy markets work effectively and serve our customers in the most meaningful way."
"Centre for Net Zero is an open research lab powered by Octopus Energy. Founded in 2021, its mission is to realise faster, fairer and more affordable paths to net zero. Its research is based on real world data-driven modelling and simulation of a people-centred energy transition," Octopus Energy said