Japanese energy retailer Looop Inc. announced today the offering of the Looop time-of-use (TOU) tariff – the first of its kind in Japan. The new product was created utilizing smart-meter data and SMAP Energy’s Smart Meter Analytics Platform – which leverages novel artificial intelligence algorithms to extract behavioural insight.
“This tariff is the first of its kind in Japan and is a groundbreaking achievement. We’ve seen the potential in using smart-meter data to make tariffs smarter in our research partnerships with University of Cambridge – including my personal PhD study – for a long time. Looop continues to demonstrate a desire to innovate and compete in the new market and SMAP Energy is pleased to be supporting them in this endeavour,” said SMAP Energy co-founder and CEO Yohei Kiguchi.
“Smart-meter rollouts are quickly enabling a variety of advanced digital offerings. We’ve seen smart-meter-enabled TOU tariffs start to be offered in the UK and other areas, and all parties in the energy sector should definitely take note. Retailers will be able to craft personalized tariffs to simultaneously reduce customer bills and improve profitability. Network operators will be able to better balance the grid. Regulators will be able to improve ROI on meter rollouts, increase competition, and hold more tools for addressing vulnerable consumers. It’s an exciting paradigm shift starting to come to fruition after several years in the making,” said SMAP Energy co-founder Paul Monroe.
For more information, the full background of the project can be found here.