Oracle (NYSE:ORCL) shares rocketed Wednesday, on word utilities using Oracle Opower have achieved record year-to-date peak energy demand reduction in North America.
Oracle Opower programs activated across more than 70 winter and summer events, delivering one gigawatt (GW) of demand reduction, helped utilities maintain grid reliability and manage peak electricity demand more affordably for millions of residents across the United States.
Through behavioral demand response (BDR) and peak time rebates (PTR) programs, Opower enabled utilities to expand participation in their virtual power plant (VPP) and demand response efforts to a broader range of customers, including those without connected devices.
By encouraging customers to reduce or shift electricity use during peak demand periods, Oracle's AI- and behavioral science-powered programs help utilities tap into flexible capacity across their customer base and promote distributed energy resource (DER) adoption while helping customers lower their energy bills. For example, showing a customer that shifting air conditioning use by 15 minutes could save them money during a peak event, and then following up with how their household performed, is far more compelling than a generic request to use less power.
With Opower PTR programs, utility customers can also earn monetary incentives when they reduce their energy use during peak events.
ORCL shares jumped $7.03, or 6%, to $125.01.
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