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Respond Power Launches Dynamic Rate Option for Customers at PPL
May 12, 2011
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Respond Power has launched a dynamic pricing plan for customers at PPL Electric Utilities with smart meters, called Respond Power Rewards.
The product is essentially a no-risk hourly product, under which the customer is only billed based on dynamic rates if such bill is lower than what they would have paid on a flat rate. The program is offered to both residential and commercial customers.
The customer's usage will be billed at a monthly variable rate. However, on an hourly basis, the customer's energy usage will also be recorded at a "smart" rate, which rises during periods of high demand and lowers during periods of low demand.
At the end of the month, if the customer's "smart" rate bill is lower than the regular rate bill, the customer will receive the difference as "rewards." If the "smart" rate bill is higher than the regular rate bill, there will be no change to the customer's regular bill and no rewards.
Respond will inform customers of peak time periods via text or email.
Respond will issue a rewards check upon customer request when the rewards have accumulated to at least $25, or automatically after every six month anniversary regardless of the amount. Respond is also working to offer various other options as rewards including miles and points.
Saul Horowitz, CEO of Respond Power, said that Respond anticipates that the average customer will save over 10% a year.
Respond Power is an affiliate of Major Energy Services.
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