Energy giant Engie is developing new energy contracts featuring a ‘happy hour’ scheme, where electricity will be cheaper at specific times of the day. This was confirmed by a spokesperson for the company.
During the unveiling of a new battery park in Kallo, Engie announced its increased focus on flexibility for consumers. This would take the form of energy contracts encouraging customers to use electricity when there is an abundance of renewable energy.
“We are working on contracts that promote flexibility and encourage customers to plan their energy consumption when there is a high supply of renewable energy. Essentially, it’s a sort of happy hour”, said spokesperson Hellen Smeets. “People will pay less during certain times of the day.”
Engie is not the first to introduce such contracts. Energie.be, a smaller market player, already offers customers free consumption between 12:00 and 16:00 on Sunday afternoons.
Sunny weekends
Negative electricity prices are becoming increasingly common in the energy market, especially when there is a surplus of renewable energy. To manage these negative prices, companies are looking for ways to incentivise consumers to increase their energy use during such periods.
In recent years, negative electricity prices typically appeared during sunny weekends. However, they are now increasingly occurring on weekdays as well. This week, negative prices were observed daily around midday, with rates plunging as low as -60 euros per megawatt-hour, including a record low of -462 euros per megawatt-hour last Sunday.
The rise in negative prices is driven by an increase in renewable energy production, particularly from the growing number of solar panels. These systems often operate at full capacity in spring.
For consumers with dynamic electricity contracts, negative prices mean they are effectively paid to use energy, making it beneficial to run appliances or charge electric vehicles during these periods.
Further details on Engie’s new contracts are expected next week.
