Texas Retail Provider Launches New Program Providing 50% Discount Under High Wind Power Conditions
April 20, 2023 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Octopus Energy launched a new residential electricity program (Fan Club) in Texas which Octopus called, "a unique electricity rate that provides savings when local wind turbines are spinning."
Under the program, for any electricity used while the wind is blowing and accounting for 30% of the grid’s generation, the customer's energy cost will be discounted by 20%, per Octopus Energy's website
When the wind accounts for more than 45% of the grid’s generation, the customer's energy will be discounted by 50%.
At other times, the customer will be billed their regular energy rate. Currently, the Fan Club can be added to Octopus's standard fixed Octo 12 plan or its month to month plan
The Fan Club will first be available to customers in South Texas (McAllen, Brownsville, Harlingen, Edinburg, and South Padre Island) while residents across the rest of Texas can sign up for a waitlist
"Legacy energy companies constantly think that the solution to a renewable energy grid is more fossil fuel supply," said Michael Lee, CEO of Octopus Energy US. "Instead, we’re developing a new grid that puts customers and renewables at the center of innovation. Through the Fan Club, we have the opportunity to harness incredibly low-cost electrons that come from renewables and financially reward everyday consumers to shift their usage to periods of energy abundance. This strategy both lowers customer bills and strengthens grid stability. As other states implement large-scale solar and wind buildouts, this can serve as a model for how consumers can be financially rewarded in the energy transition, provided regulators allow us to introduce this innovation to their regions."