geo unveils results of ‘Cosy Nordics’ spot pricing trial project

Over the past few months, geo has been playing a major role in initiatives that aim to lower the cost of electricity bills in Finland and Norway where the vast majority of the population is dependent on electricity for its heating. The Cosy Nordics project links to a spot market pricing mechanism that publishes the cost of electricity 24 hours in advance, allowing consumers to optimise heating in their homes and manage temperatures at the best possible price. Interim results from the trial indicate that double digit savings can regularly be achieved.

“We are gathering data on the impact of Cosy Nordics currently, and if it continues to show that we can significantly lower customers’ electricity bills by enabling them to take advantage of electricity offered at lower prices at certain times of the day, we will then deploy it as a new service next winter, at which point other countries will also be able to take advantage of it too,” said geo’s Chief Strategy Officer, Simon Anderson.

The Cosy Nordics project is part of geo’s objective to bring energy management ‘together under one roof’, a concept that will enable energy services to be consolidated from both a supplier and consumer perspective.