A new energy flexibility scheme introduced by Octopus Energy could save customers £100 on energy bills and reduce demand during peak usage hours.

Dubbed “Saving Sessions”, the scheme will entice customers of Octopus, who additionally have a smart meter installed, and around 5,000 businesses, to reduce energy usage at peak times with a financial incentive to do so.

This mirrors a similar measure introduced by OVO Energy called “Power Move”, which aims to reduce the demand on the energy grid and, much like Octopus, provide up to £100 in savings for households this winter.

OVO’s scheme will initially run as a trial that will gather data to develop the company’s understanding of usage during peak times, helping OVO to create further propositions that support a greener and more resilient energy system.

Octopus’ financial incentive scheme will see the energy supplier pay customers for every unit of energy saved compared to their normal usage during certain timeframes. Octopus expects to pay customers £4 on average, potentially saving customers around £100 over the course of the winter.

The scheme will run between November 2022 and March 2023.

Read more: Current+