The octopus is known for its remarkable intelligence, and here at Octopus Energy we’re using all of ours to bring you the most up-to-date and transparent data.
The Octopus rate is calculated based on average member rates over the previous 12 months up to and including January 2021. Data is updated on a quarterly basis and so this does not yet take into account the large price spikes seen in the Texas crisis in February 2021 when price spikes up to the maximum amount of $9/kWh were seen.
Savings are calculated by comparing what our members paid with OctoFlex vs what they would have paid with the Texas Green Average. Calculations are based off average Octopus member usage of 1,500 kWh/month. The OctoFlex rate is 8.39¢ and the Texas Average is 12.1¢.
This is calculated using actual Octopus member rates vs. the Texas Green Average as published by the U.S. Department of Energy (EIA) and is based on a smart load profile that is adjusted for usage based on pricing spikes and lows. The EIA rate is based on the most recent data they have published. For the year 2020, that represents Octopus data through October 2020 and EIA through Sep 2020.
This percentage is based on recent ERCOT data. It is calculated by measuring the number of times Octopus's 15 minute Wholesale Energy Rate was lower than the average market rate over a 12-month period. There are risks that these prices can spike when extreme weather or energy events happen. These spikes usually only last for a small amount of time, however, during the energy crisis of February 2021, price spikes of up to the maximum amount of $9/kWh were seen, and while unlikely, could happen again.