What does the future look like It can be hard to predict which technological advances will have the greatest impact on businesses. Even 10 years ago, who could have guessed how reliant we would become on our mobile devices?
The same is true of the energy industry. According to Innovate UK, the scale of change is likely to be considerable. We can see how some of those changes might be taking shape, but we still don’t know exactly.
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 phase of an energy revolution that’s already seen the industry change dramatically and much more change is still to come.
Coal is increasingly playing a far less important part of the UK’s energy mix. As we approach the government’s 2025 deadline for the closure of the UK’s remaining coal power stations, change will continue to come at a rapid pace.
So, with such drastic changes on the horizon, should businesses be preparing for this?
Innovate UK expects that consumers will play a key role in driving change. Paul Sheffield, Chief Operating Officer at Haven Power, believes this is just as true for the business market.
He said: 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 when customers are incentivised financially to lower or shift their electricity use at peak times to help manage the strain on the grid. Even more eye-catching changes are on the way too, with the development of electric vehicles as battery storage, and the introduction of blockchain trading.
However, these may not be the only changes.
Energy as a service
The energy as a service model has the potential to completely flip how businesses and consumers work with their suppliers.
Rather than buying energy as a commodity gas and electricity in pipes and wires it will be bought as a service.
Paul continued: “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.
In this way, working with your supplier could become a more seamless, holistic experience.
Find transformative ideas for a new energy future at havenpower.com/change
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