Engie: ‘EV drivers can save 15% with dynamic electricity contract’
Early this year, Belgian energy regulator VREG announced that energy suppliers would start offering dynamic electricity contracts. The first to jump on the bandwagon was Yosu, which offers the formula for small businesses. Engie is now following suit. Their Dynamic contract is also available for private individuals, but only in Flanders.
Engie says the new offer is particularly appealing to people with an electric car that can have their EV charged at moments prices of electricity are at their lowest. With such a dynamic contract, EV drivers can save up to 15% on their electricity bill, Engie advertizes.
The dynamic electricity contract originates from the industrial sector, where large companies have a special meter that allows them to anticipate the lowest electricity prices on the market. These can fluctuate wildly with peaks of up to 130 euros per MWh and off-peak hours of up to 50 euros per MWh.
The right profile
With the introduction of the digital counter, the dynamic tariff can now also be applied on a non-industrial scale. Since the beginning of this year, grid operator Fluvius, as the supplier of these smart meters, has allowed energy contractors to receive the quarterly values.
In concrete terms, with the dynamic tariff, the energy cost per hour is settled at the price that the electricity costs that hour. These tariffs are traded on the energy exchange the day before.
For people or companies who are actively engaged with their electricity consumption, this can lead to interesting savings. Provided they have the right profile. For example, a family with high consumption during peak hours will obviously pay more with this formula.
That is why the dynamic contract is particularly suitable for customers with a deviating profile, such as electric car owners. They can shift the high load of their charging sessions to when the electricity is most advantageous.
Energy price forecast
Every day at 2 p.m., Engie publishes the hourly tariffs for the following day. Typically the lowest prices are expected from midnight to 6 a.m. or from 1 to 5 p.m. in the afternoon.
As long as your car can’t anticipate these low rates automatically, you’ll have to program the best charging times yourself. Engie calculates that owners of electric cars, with an annual consumption of 7 000 kWh, can achieve a saving of 15% on their bill thanks to Dynamic.
The contract is also interesting for homes with a home battery, as long if it’s connected to the grid. That way, you can stock the electricity at the time when the price is most favorable.
Engie stresses that it does not take a commercial margin on the tariffs. However, it does charge a fixed monthly fee of 9,6 euros to access the formula. Consumers with an exclusive night tariff are not eligible.
The Flemish energy regulator VREG has included the dynamic contracts of Yuso and Engie in its V-Test online calculator for people to compare the tariffs with other formulas available on the market.