Source: Oomi
In the electricity system, production and consumption must be constantly balanced, which is also directly reflected in the price of electricity. Demand response means that users adjust their electricity consumption according to production and price. Especially with the increase in renewable, weather-dependent production, flexibility is becoming increasingly important. Demand response is a cost-effective way to maintain the stability of the electricity grid and reduce your own electricity costs. In 2025, we will move to 15-minute pricing periods, which will encourage even more precise consumption control.
In August 2023, Oomi launched the Oomi Flex contract for customers who want to control their electricity consumption without the risk of exchange-traded electricity price fluctuations but still benefit from the benefits of a fixed-term contract. The customers welcomed the new product immediately.
But we still wanted to know more deeply how the customers have experienced the product and whether it has benefited in consumption flexibility of electricity. A customer survey conducted after a year of use (n=493) revealed that 90% of users were able to achieve a lower price level than in a fixed-price contract by scheduling their consumption during the most affordable hours. Flex offers the customers opportunity to influence their own electricity bill in a controlled manner – in practice, the customer takes control of the consumption flexibility of their electricity use, without the strong risks of exchange-traded electricity price fluctuations. The need for consumption flexibility will increase in the future. And now we have a safe product for every customer to do that, without significant risk of high prices.
To support Oomi Flex, we realised soon that customers need digital solutions to support consumption flexibility. With that in mind, Oomi offers the OmaOomi application for customers. OmaOomi is a mobile application where customers can monitor their consumption impact 24/7. Compared to previous digital services, comprehensive monitoring of their own electricity matters is clearer in OmaOomi. OmaOomi’s monitoring capabilities also guide customers towards choosing more sustainable production methods.
The electricity market needs demand flexibility because the introduction of renewable energy sources has increased the availability and price variability of electricity. Flexibility is a product that can take over the demand flexibility of electricity use without the strong risks of fluctuations in the price of electricity on the exchange.
Customer quotes:
“Consumption impact allows you to shape your destiny, which is arguably the most crucial aspect.”
“The price of electricity has a “ceiling”, but there is still the opportunity to influence it.”
“So far, it has worked as cheap insurance. Normal electricity consumption is reasonable and when you charge an electric car during the cheapest hours, the consumption impact has always been negative.”
“The price is on average close to the exchange-traded electricity, but there is less price risk in the winter months.”
More information:
https://oomi.fi/sahko/sahkosopimukset/jousto/
https://oomi.fi/en/electricity/electricity-contracts/oomi-flex/