Octopus Energy, the Texas-based renewable energy retailer, along with partners will lead an innovative study that will help understand better the consumption patterns of the U.S. and U.K populations.
Firstly, Octopus Energy will lead the study along the Centre For Net Zero, the research firm focused on clean energy and decarbonization projects; backed by The University of Maryland and The University of Cologne, and a full team lead by eminent economist Peter Cramton.
Secondly, the study will draw upon smart meter and time-of-use tariff data from Octopus Energy’s customers in Texas and the U.K. Then, the Centre, 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.
Thirdly, the results 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; therefore, helping companies to develop better energy products that both suit customers and support the decarbonization of the grid.
Consequently, one of the main goals of the study is to enhance and strengthen public adoption of new technologies; like electric vehicles, heat pumps and smart thermostats; and a deeper understanding of how these devices create new sources of flexibility.
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Octopus Energy to enhance its commercial offerings after study
Moreover, the research will seek to highlight the benefits to consumers; also, networks and energy providers of innovation in retail, such as smart energy tariffs.
In addition, the findings of the study will be taken by the Centre of Net Zero; and it will develop the world’s most comprehensive, openly accessible agent-based model (ABM) of the energy transition. A digital model that will simulate the behavior of households within a people-centered energy transition.
Furthermore, the outputs from the first phase of research will 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.
Finally, about the relevance of the study, Michael Lee, CEO of Octopus Energy, said. “In preparation for record-breaking temperatures and high energy usage that come with it; also, this research project will serve as a way to better understand how we can make modern energy markets work effectively; and also serve our customers in the most meaningful way.”