Will spot pricing influence electric vehicle charging? An example from Norway

Spot Pricing Smart Charging Ampcontrol
Energy Price difference Nordic and the UK (via Bloomberg)
Energy Price difference Nordic and the UK (via Bloomberg)

But why the sudden energy crisis in Norway?

What is spot pricing in the energy market?

What are the benefits and challenges of Spot Pricing?

How to optimize electric vehicle charging with spot pricing?

  • CPOs in Residential Area:

    Let’s say you are a Charging Point Operator (CPO) offering charging solutions to your EV customers, under a fixed flat rate. This rate is calculated over the monthly mileage and charging habits (charging at home, work, etc.). For your customers, you make EV charging extremely easy and they can always rely on one fixed bill.
  • For you as the CPO, on the other hand, it is a completely different story. Since you operate under a spot pricing program, you are taking the economic risk of having to pay unexpected spikes in prices during the day, making your business model less feasible.
  • Smart charging technologies offer an ideal solution, as a way of optimizing the charging of your customer’s electric vehicles. They plan and adapt the charging schedules automatically, while still ensuring on-time departures and full loads to your customers.
  • Electric Bus Fleet:

    You operate a public transportation agency, with a fleet of 100 electric buses. Your buses have specific routes and schedules every day. On average, each bus has an idle time of 6hrs, during which buses are charged and maintained.
  • If you opt for a spot pricing energy rate from the local energy company, you will risk that the vehicles charge when energy prices are very high. As the price changes several times per day, it’s difficult for you to manually adjust the charging plan.
  • However, with smart charging, the optimization software makes automatic decisions for the fleet operator and drivers.
  • For example, at Ampcontrol we use vehicle information (e.g., planned departure time) and the spot pricing data to optimize the charging plan. This means that the software sets a low charging speed during peak energy cost periods and increases charging during the lower energy cost period. This significantly reduces the costs of charging for the bus fleet.
  • You can see more details about a similar case study here.‍

Conclusion

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Joachim Lohse (CEO and founder of Ampcontrol.io)

Joachim Lohse (CEO and founder of Ampcontrol.io)

Founder and CEO of Ampcontrol (https://www.ampcontrol.io/) an AI-powered software for smart charging for electric vehicles.