NEW: Take advantage of dynamic electricity prices

Jasmin Kiss
12/01/2022 in Technology

A trend is emerging: More and more electricity providers are offering tariffs with dynamic hourly electricity prices. The prices sometimes fluctuate massively. With the “Spot Price Optimizer” FunctionBlock of our brand new Loxone Config Public Beta 13.2, you can take price fluctuations on the spot market into account in your energy management, and, ultimately, save money.

What is the spot market?

Electricity is traded either on the futures market or the spot market. While long-term contracts with a high level of planning security are concluded on the futures market, the spot market offers electricity that is available at short notice. For example, the electricity produced by wind turbines depends heavily on the weather and is therefore subject to continuous fluctuations. These fluctuations affect the electricity prices on the spot market and lead to dynamic tariffs that offer enormous potential for cost savings when used intelligently.

However, who actually benefits from dynamic electricity tariffs? How can the electricity price development be taken into account in our Config, and what options does the new FunctionBlock offer? Which providers offer dynamic electricity prices? We answer these and many other questions here.

Examples of providers that offer dynamic electricity prices*

Country Provider Link to Library
Germany, Austria aWATTar To Library
Germany, Spain, France, Italy, Japan, New Sealand, USA, U.K. Octopus Energy Agile Electricity To Library
Poland RCE Energy Market To Library
Europe Entsoe To Library
Czeck Republic Nano Green To Library

*All information supplied without guarantee

Case Study: Plug-in Hybrid

Let’s assume that your customer has a plug-in hybrid but no PV system, and that the vehicle takes around two hours to fully charge.

If your vehicle is now connected to the wall box after work around 6 p.m., it will probably be charging with the most expensive of all possible electricity tariffs.

The new “Spot Price Optimizer” will help you avoid this exact scenario. Your vehicle will not start the charging process straight away, but the FunctionBlock first determines the two hours with the cheapest electricity prices within the next 12 hours.

Accordingly, the charging process of the vehicle does not start until 3 a.m., for example, as the Spot Price Optimizer determined the 3-5 a.m. window as the times with the lowest electricity prices. Without any loss of comfort, but with enormous cost savings, the vehicle is ready for use the next day, as usual.

Savings:
The vehicle’s battery capacity: 18 kWh
2 hours of charging at the most expensive electricity tariff ($0,50 kWh): $9
2 hours of charging at the least expensive electricity tariff ($0,19 kWh): $3.42

Charging the vehicle five times a week equates to a monthly saving of approximately $111.

Test our new Spot Price Optimizer now

Our brand-new Spot Price Optimizer is now available in the Loxone Config Public Beta 13.2.

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