The future of energy
Distributed energy, smart technology and new business models are transforming our energy system. With the Department of Energy and Climate Change (DECC) due to issue a consultation on ‘smart’ energy and the regulator Ofgem running workshops on ‘Innovation in a Transforming Energy System’ the pace of change seems set to accelerate. So what does this ‘transformation’ mean for energy users?
Already thousands of businesses in the south west generate some or all of their own energy, primarily through solar panels. Despite subsidy cuts the falling price of solar means these projects can still be cost effective. Increasingly businesses will have the option to include some energy storage as part of their renewable energy. Battery prices are falling at a similar rate to the price falls seen in recent years in solar panels. By storing excess power rather than exporting it, that power can be used to offset your demand at other times of day – cutting bills.
Another opportunity is to be smarter in your use of power. Although most businesses pay a set price, the reality is that the cost of power varies greatly on the market depending on the time of day, as do the charges to use the network. Power consumers who can manage their use to reduce consumption at peak times can significantly reduce their energy costs. Innovative new suppliers offer the opportunity for lower prices if your business has flexibility to shift energy demand, often by just a few minutes. Regen SW is, for example, working with partners on a trial of a ‘Sunshine Tariff’ in Wadebridge, Cornwall that incentives customers to use power when the sun is shining.
To showcase what this energy system of the future will look like and how energy consumers can benefit – Regen SW is organising ‘Smart Energy Marketplace’ on 17 March at Sandy Park, Exeter.
The new event features an exhibition with leading storage and smart energy providers and a conference with DECC, Ofgem, Western Power Distribution and businesses at the cutting edge of smart energy. We look forward to seeing you there.
More info: https://www.regensw.co.uk/renewable-energy-marketplace/