INTERVAL METER: A meter that measures electricity usage in intervals, usually an hour
or fifteen-minute periods. Woodstock Hydro then records the data and eliminates the need
for a meter reading.
Many companies can use the information that an Interval meter compiles to further the efficiency and lower the costs of their work place. Industrial customers are charged "Spot Market Pricing" meaning they pay the most for electricity during peak hours of the day when the usage is the highest and pay less for electricity during the off peak hours. This is why it is important for your company to understand your interval data and be able to make informed decisions for load shifting and controlling your demand. Interval meters are giving your company the information and knowledge to make informed decisions, progressively saving your company money.
SPOT MARKET ENERGY PRICING:
Changes from hour to hour, day to night, from season to season, and for short periods in response to high levels of demand or sudden changes on the IESO-controlled grid. In the market, generators can submit offers for electric power in different quantities and prices for each hour of the day. Every five minutes, the IESO calculates a new spot market price by balancing the supply of electricity with demand. As demand increases, more expensive offers from generators are accepted, which raises the price of electricity. As demand drops, only the less expensive offers are accepted, which reduces the price. Wholesale customers are able to respond to changes in prices by shifting some of their demand to off-peak periods.