Hi everyone,

I hope you're staying warm as we move through the winter months. It's Chris here with your quarterly update on what's happening in the energy market and what it means for you as an Amber customer.

There's plenty to cover this quarter - from the recent wholesale price volatility we've been seeing, to major changes in battery subsidies, and some exciting new features we've launched at Amber including 5-minute settlement and our progress on vehicle-to-grid (V2G) technology. Let's dive in.

Winter wholesale price volatility: Opportunity knocks

The past few weeks have shown exactly why Amber's model is so valuable during winter. As predicted in my last update, we've seen significant price volatility in the wholesale market, with several notable price spikes during evening peaks (5-8pm) when solar generation drops off and heating demand increases.

The past few winters we’ve seen these patterns quite strongly in NSW, ACT and QLD, but this year we also saw VIC and SA see much more volatility. If you have a battery, discharging during these high-price periods can earn you feed-in tariffs hundreds of times higher than what traditional retailers offer with their fixed rates. We've seen many customers earning over $100 in an evening during recent price events (and some large systems banking over $500 in a day).

As we move into the milder months from September, average prices are expected to drop significantly and we will likely see daytime prices frequently dropping under 10c per kWh and even going negative - this is where you’d get paid to use power from the grid.

Our app notifications make it easy to stay informed about potential price spikes and if there is ever a particularly volatile period, you are protected by our quarterly Bill Guarantee.

Major changes to battery subsidies: There’s never been a better time to add a battery

Following the federal election, Labor's promised battery subsidy program is now being implemented. The 2.3 billion dollar plan will provide around 30% off eligible batteries (roughly $4,000 back for a typical system).

The program officially launched a few days ago on July 1st, and we're already seeing a surge in interest.

Here's what you need to know:

• The subsidy applies to "virtual power plant-ready battery systems" installed alongside new or existing solar panels
• Eligible battery sizes range from 5-100kWh 
• The program is limited to one battery per household
• The subsidy will work alongside existing state schemes for even greater discounts

To help you navigate these changes, we've updated our guide to government incentives with all the latest information on federal and state subsidies.

Introducing 5-minute settlement: Greater precision, greater savings

I'm excited to announce that Amber has now fully rolled out 5-minute settlement for all customers with compatible smart meters. This means we're now billing based on the actual 5-minute wholesale price intervals rather than the 30-minute averages used previously.

At Amber, we believe in giving you the most accurate and transparent pricing possible, which is why we've made this change.

What does this mean for you?

• More precise pricing that better reflects the actual wholesale market
• Greater opportunity to respond to short-term price spikes and dips
• Better rewards for shifting usage or battery discharge to high-price periods
• More accurate feed-in tariffs that reflect the true value of your exports

If your smart meter records at 5-minute intervals (most smart meters do), you're already benefiting from this change. 

A major upgrade to our system

Over the past few months, we've been working hard to transition to a new billing system. This was a critical project that lays the foundation for exciting innovations like 5-minute settlement and will allow us to serve you better in the long run.

I want to acknowledge that during this transition period, some of you have experienced customer service delays. We're working hard to get back to everyone as quickly as we can, and I appreciate your patience as we complete this important upgrade.

Vehicle-to-grid progress: Turning your EV into a power station

We've made significant progress on our V2G pilot program over the last few months. V2G technology allows electric vehicles to not just consume electricity, but also feed it back into the grid during high-price periods - essentially turning your car into a mobile battery for your home.

Our initial testing with households is starting to prove this with amazing results. During the price spikes on June 26, each connected car earned over $250 in a single day by exporting power.

We’re working closely with the major car companies, EV charger suppliers and regulators to accelerate V2G for all Aussies and will have exciting news to share with you on this shortly.

What all of this means for you

Putting all this together, here's what it means for you as an Amber customer:

• If you have solar and a battery: The combination of winter price spikes, 5-minute settlement, and plummeting fixed feed-in tariffs from traditional retailers means your potential earnings from smart exports are higher than ever. Make sure you have notifications and SmartShift enabled in the Amber app to catch those high-price events.
  
  
• If you're considering a battery: With the new federal subsidies about to launch, there's never been a better time to invest. Our battery compatibility guide can help you choose a system that works seamlessly with Amber's SmartShift technology.
  
  
• If you own or are considering an EV: Register your details here to stay updated on V2G and be the first to hear about new opportunities for getting your car and home set up for this groundbreaking technology.
  
  
• For all customers: The move to 5-minute settlement means you now have even more granular control over your energy costs. Small shifts in usage can lead to big savings when you avoid those 5-minute price spikes.

As always, we're here to help you navigate the energy market and make the most of your Amber account.

I’ve never been more excited and optimistic about the opportunities for Amber customers and I’m so grateful that you’re on the journey with us!

Cheers,

Chris

Co-CEO at Amber

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