We're very excited to announce that from November 2023, Octopus Electroverse has launched Plunge Pricing - discounts on the public charging network when energy is in high supply!
Let's get plugged in...
December 2023
|Last updated:January 2024
Octopus Electroverse launches Plunge Pricing!
What is Plunge Pricing?
Plunge pricing is an exciting development on the Electroverse network, which allows certain networks (supplied by Octopus Energy) to benefit from cheaper prices when energy's in high supply - these cheaper costs can be passed straight through to the EV community!
Why is there excess energy on the grid?
This doesn't happen all the time - but it is becoming more frequent for a number of reasons:
High solar generation from a very sunny few days
High wind generation from a few windy days
Etc.
When this happens, the amount of available energy exceeds the amount of energy typically needed.
In other words, if a local corner shop selling strawberry-flavoured Octopus sweets has more stock than they can keep, what happens? Discounts.
Voilà: Plunge Pricing.
How often do Plunge Pricing events happen & how can I be notified?
There's no set schedule for Plunge Pricing events - these happen in occurrence with high energy generation/supply and low demand. That said, we'll tend to know when a Plunge Pricing event will happen at least 24 hours before, meaning Electroverse customers can be notified the day before.
The best way to be notified?
Octopus Electroverse app notifications!
You'll need to do this from your Electroverse app settings. Once you’ve switched on all notifications for the Electroverse app, you’ll receive a notification on your phone the day before a Plunge Price event.
I'd like to learn more about Plunge Pricing - is there any more information?
Yes, there is!
To learn more about Plunge Pricing events (including details on discounts, how to set up notifications, what causes an event, etc.) check out our blog:
Feeling enlightened or do you think something was missing? Let us know by sharing your feedback.
Interested in learning more? Head over to our Electroverse Community area for more electrifying content.