10,000 customers have already chosen Lattelecom tet electricity

Energy supplier Lattelecom tet has been offering electricity for just under six months, but already has 10 000 customers using its services, and their number continues to grow by approximately 20% each month. Moreover, almost nine out of ten customers (87%) choose market-price tariffs, which are the most economical way to pay for electricity.

Over the past three months, the number of people choosing market-price tariffs has increased – while in March they accounted for 82% of customers, in August almost all new customers (98%) made this choice. At present, the total monthly electricity consumption of Lattelecom tet customers is 1.8 million kilowatt-hours, and the total savings of tet electricity-service users over several months have already reached approximately €60,000.

“In March this year, when we entered the electricity market, our ambition was to reach 10 000 customers by the end of the year – we have managed to achieve this three months earlier than planned. We are grateful to our customers for their trust,” says Lattelecom electricity-service tet manager Artūrs Pielēns-Pelēns.

“I have always monitored my electricity consumption; I use it only when necessary. Before changing electricity suppliers, I carefully studied various offers and calculated the potential savings. I decided to choose a tariff linked to the market price because I am willing to change my habits if this allows me to significantly reduce my electricity bill,” says Lattelecom tet’s 10,000th customer, Riga resident Līga Zaube.

Every year, residents pay more than €300 million in electricity bills[1], but the costs could be considerably lower. Calculations show that if households paid greater attention to their habits and reduced their electricity consumption by just 5%, Latvia as a whole could save approximately €15 million over the course of a year.

”We can see that the electricity market has been stirred into action! People are beginning to take a greater interest in what is included in their electricity bill, pay attention to how much electricity is being consumed, and realise that a fixed electricity price is not necessarily the most advantageous option. A market-price tariff is much better for the wallet,” adds A. Pielēns-Pelēns.

Using a market-price service means paying for electricity according to the market price. The electricity price on the exchange changes once an hour, and it is predictable – every day by 2 p.m. Latvian time, the electricity price for each hour of the following day becomes known. On average, the market price is much lower than the universal and fixed prices.

The main rule for significantly reducing electricity costs is to use the most powerful electrical appliances outside the so-called “peak” hours. During the winter months on working days, “peak” hours are approximately from 8 to 10 a.m. and from 5 to 8 p.m. The electricity price, for example, an hour before or after the “peak” period, can be up to half as low as during the hours of highest demand. Electricity consumption during specific hours is recorded by a smart meter, which is installed free of charge by AS “Sadales tīkls”.

As Artūrs Pielēns-Pelēns explains, modern technologies are developing, and people themselves increasingly need to monitor market prices less, because processes are becoming automated and household appliances know when the electricity price is lowest. For example, smart solutions record household habits – a sensor attached to a water heater can determine how much hot water is usually consumed and automatically set the water heater to heat the water when the electricity price is lowest.°

More information and photos are attached, while the video of welcoming the 10,000th customer is available https://youtu.be/BQz9KV1x3rc