What's the future of energy (and the energy of the future?)
The world of energy is changing at an ever-faster rate. Here we look at the future of energy in the UK and the transformation of energy from a commodity to a service.
In April 2018, the UK went five days without any coal-generated electricity for the first time since the 19th century.
This was only the latest stage in an energy market revolution that’s already changed the industry almost beyond recognition – and which looks likely to keep accelerating.
Coal will continue to play a less and less important part in the UK’s energy mix. The pace of this change will quicken as we come closer to the Government’s 2025 deadline for the removal from the grid of all unabated coal generation.
While this will be a major change, it’s unlikely to be the most significant in the UK energy market in the next seven years. Some experts predict that consumers will have a bigger say than ever in how the energy they use is produced.
This is as true for the business market as it is for consumers. Advances in technology will mean that even more companies start generating their own electricity – reducing their carbon footprint and selling power back to the Grid. In addition, more efficient and cheaper battery storage technology will enable greater numbers of businesses to reduce their peak time energy usage by drawing on their stored electricity. Having a battery will also allow organisations to benefit from initiatives such as Demand Side Response. Even more eye-catching changes are on the way too, with the development of Electrical Vehicles as battery storage, and the introduction of blockchain trading.
However, the largest change expected is likely to be the transformation of energy from a commodity – gas and electricity coming through pipes and wires – into a service. This will mean that choosing the right power company is no longer simply a matter of finding a supplier that offers value for money. Instead, the choice will involve identifying the right energy partner – the one best equipped to help you add value to your entire business. That could range from providing accurate energy audits to helping companies develop more accurate forecasts and manage their risk better. More than ever before, the responsibility is on companies like Haven Power to help their partners find the right energy – and the right ways to use it.
Haven Power can help you plan for your company’s energy future and give you the support you need. Just fill in our contact form to get in touch.Submit Contact Form