The Hourly Flex Pricing pilot gives you the flexibility to save on your energy bill by shifting your electricity usage to times when prices are lower. The price of electricity fluctuates throughout the day based on market conditions, and price forecasts are available seven days in advance, with final prices set one day ahead. You can plan ahead to take advantage of lower rates during off-peak hours.
How does hourly pricing work?
HFP adjusts your electricity rates based on market conditions, with prices changing each hour. The final rates are determined a day in advance, and you can view price forecasts up to seven days ahead. This allows you to shift your energy usage to times when electricity is cheaper, helping you lower your energy costs.
What components make up the hourly pricing rate?
The hourly pricing rate is based on the wholesale market cost of electricity, which fluctuates depending on demand, weather, and other factors. The price you pay is determined by these market conditions, with rates varying throughout the day. Final prices are set a day before the actual usage, allowing you to plan your energy consumption accordingly.
Can I participate in Peak Rewards and HFP at the same time?
You cannot participate in both the Flex and Peak Rewards programs at the same time. You’ll need to choose the program that best fits your needs.
What happens when the pilot ends?
The HFP pilot program will run until December 31, 2027. After this, you will return to your original rate plan. However, if you save more with HFP compared to your current plan, you will receive a credit for the difference.
How does this program contribute to cleaner energy and grid reliability?
By shifting your energy usage to times when energy production is cleaner and more abundant, you are supporting a more sustainable energy grid. Using electricity during off-peak hours reduces the need for additional power generation during peak times, lowering overall environmental impact and improving the reliability of the energy grid.
