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Economy 7 is a differential tariff provided by United Kingdom electricity suppliers that uses base load generation to provide cheap off-peak electricity during the night. Houses using the Economy 7 tariff require a special electricity meter which provides two different readings - one for electricity used during the day, priced higher, and the ...
The typical use of a teleswitch is to manage the start and end times of off-peak charging periods associated with tariffs such as Economy 7 and Economy 10.This includes switching between 'peak' and 'off-peak' meter registers as well as controlling the supply to dedicated off-peak loads such as night storage heating.
In contrast to Economy 7, which only provides off-peak electricity during nighttime hours, Economy 10 tariffs provide ten hours of off-peak heating split between night, afternoon and evening. The advantage of this scheme is that by matching the storage periods better to the times when heat is required, less heat needs to be stored during the ...
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Differential tariff is an example of demand side management where the price per unit of energy varies with the consumption. If a power utility uses differential tariff, it may change the rate per kWH of energy used during different times, such as raising the price during times of high energy consumption and lowering the price during times of low energy consumption.
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In the UK, Economy 7 and similar schemes that attempt to shift demand associated with electric heating to overnight off-peak periods have been in operation since the 1970s. More recently, in 2006 Ontario began implementing a "smart meter" program that implements "time-of-use" (TOU) pricing, which tiers pricing according to on-peak, mid-peak and ...
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