Many people know that electricity can be cheaper at non-peak hours, but what if consumers where given access to real-time power markets to see exactly when electricity is at its cheapest?
Ostkraft, the energy company behind this project, noted that the growing share of wind and solar power in the energy mix changes real-time power markets. Given that renewable energy supply varies with the sun and wind, prices on the market increase when there is a deficit in the system and decrease when there is abundant supply.
EcoGrid gave consumers on the Danish island of Bornholm access to the intimate information of the power market. Under this scheme, the price signal is updated every five minutes according to the wind and solar power forecast as well as the demand forecast. Armed with this information consumers can choose the cheapest moment to turn on the dishwasher or dry their clothes.
This smart system helps to improve the grid's capacity to manage variable renewable energy sources.
2000 households – or 10% of electricity consumers - on Bornholm are taking part in the project, and EcoGrid intends to expand its reach to other places in Denmark.
EU Sustainable Energy Week – the week for heralding innovative sustainable energy ideas like EcoGrid – runs from 13-17 June 2016.
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