The future of energy: 5 key changes and how to benefit from them
The energy landscape is changing – and your business can benefit. Cornwall Insight’s report identifies 5 transformations with the potential to help you save money and increase revenue.
Read more below:
1. Find the right ‘power partner’
As UK energy market changes, businesses can take advantage by building a long-term relationship with a ‘power partner’. This could be a supplier or consultant, or a combination of the two - just as long as they’re experts in everything from energy services to self-generation. With their help, you should be able to start treating energy as a source of savings and revenue rather than an overhead.
2. Harness the power of ‘smart networks’ and smart meters
Smart networks will accelerate the electricity industry’s evolution that, in part, will enable businesses to buy and sell their own power within a local energy market.
Having a smart meter will allow your business to benefit from half-hourly settlement. Having access to this level of detail on your consumption patterns could transform how you manage your demand by shifting your usage to less expensive periods.
3. Mitigate the risk of prices and volatility increasing
The expected changes to third party costs - such as the Capacity Market and Contracts for Difference (CfDs) - mean that many businesses will have to pay more for their electricity.
To counter this and budget more effectively for the future, an increasing number are opting to fix their prices.
4. Prepare for new technology
As the cost of technology falls, more ‘hybrid’ power plants - including generation and storage - are appearing, alongside microgrids where local organisations buy and sell their power.
This means businesses near to where you’re generating power can use it, while you can still use power from the open market when you need to.
5. Benefit from changing subsidies
Despite the closure of subsidy schemes - such as Feed-in Tariffs - to new entrants (from April 1st 2019), producing low-carbon electricity on your premises still has advantages.
Allied to a long-term Power Purchase Agreement, self-generation could help you meet your corporate social responsibility goals and reduce both your carbon emissions and your exposure to market volatility.
Download your FREE copy of ‘Supply and beyond: What does the future hold for business energy customers?’ HERE.
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