Powerwatch helps you track wholesale spot prices and gives you an alert when there is a price spike event. It also tells you to reduce energy-intensive appliances! It's a handy tool to have in your pocket! 😉
Wholesale spot prices will typically vary between minus 5 - 15c per kWh but on rare occasions, it can exceed $1 or possibly go as high as $15 per kWh for a very short period of time. See Wholesale Spot Market.
The Powerwatch app will alert you when wholesale spot prices are high, and if you have a Smart Meter, you can apply the recommended ways available in the app to reduce your energy usage during that period of time.
In winter or summer seasons, it's important to prepare for occasional price spikes. Big price spikes are rare (see Wholesale Spot Market), and typically don't last very long, so it's essential to act fast when they do. Taking control of your usage will ensure that you don't deplete your Powerbank by paying too much for power.
By shutting down unnecessary appliances during a $10 per kWh price spike, you could save yourself $40 an hour or more depending on your consumption levels. By learning to harness the wholesale market, using energy when it's cheap, and avoiding excess usage when it's more expensive, you could potentially save hundreds of dollars on your annual electricity bills.
Powerwatch v3 tracks live 5-minute spot prices and now the forecast wholesale spot prices for the remainder of the day, helping you make informed decisions about how and when to use energy.
Here you can see that the price in the green dotted line is already committed, and the white dotted line is predicted to come. That said, high prices above 30c/kWh and negative prices below minus -5c/kWh tend to evaporate as you get closer to them. Sometimes they don't, but usually, they do. These do however indicate the likely trend in expected cost.
For Powerclub Members accessing wholesale electricity spot prices, Powerwatch v3 gives you the power to harness wholesale market and choose the best time to use electricity.
Downloading Powerwatch v3 and setting your notification levels will help you to protect your Powerbank from being used up unnecessarily - by using energy when it’s cheap and avoiding excess usage when it’s more expensive.
Check out the Powerwatch v3 User Guide for tips on how to use the app, and details about the recent upgrade.
If you don’t have a Smart Meter, you will have a Basic Meter or Manually Read Interval Meter. Smart Meters record your usage and the time of use, which allows you to reduce your usage during high price periods and proportionately avoid the associated cost. Basic meter records your total usage in kWh over a three-month billing period but doesn't record the cost of power at the time of use, more information about Basic Meter here.
For Powerclub Members with Smart Meters, Powerwatch v3 will help you understand the occurrence of high prices and your likely ability to avoid them and take advantage of when power is cheaper, reducing your overall electricity costs.
Talk to our Member Advocate Team about upgrading your meter so you can get the most out of the Powerwatch app.