Posted on: 03/09/2018
As a next generation energy company, we are always looking ahead and proactively developing innovative solutions for our customers. Robert Groves, Chief Executive Officer, believes that the future is moving towards a ‘smart grid’ approach and explains what we are doing to adapt and grow our business.
Looking ahead, we can see a shift towards a smart grid outlook and we plan to be ready for that future.
A smart grid approach will mean that our energy will be managed more efficiency and more sustainably, with our energy system becoming more decentralised, decarbonised and digitalised.
Users of energy will become more active and manage how they extract and consume energy from the grid. An increase in flexible assets will take advantage of short term markets, while Artificial Intelligence (AI) will be leveraged for monitoring and calculating the best time to use and sell electricity.
Who is funding the shift?
This shift is being supported by the Government through its Clean Growth Strategy set up to ensure we meet the UK carbon budget targets. The ambitious strategy sets out proposals to decarbonise all sectors in the UK by 2030.
However, a breakdown of investment in Utilities & Energy, from the Infrastructure & Projects Authority, shows us that 75% of current investment is coming from the private sector.
Despite this, there are great examples of how the public sector has contributed, such as Innovate UK, which is a Government led company that provides innovation loans to a range of entities from cities to small businesses and everything in between.
Companies such as Origami, that we have selected to provide our customers’ distributed energy assets and consumption, have benefited from an Innovate UK loan.
Moving towards a smart grid
We are moving rapidly into the smart grid world, with the demise of coal looming by 2025 if not earlier. The BEIS forward forecasts are predicting that renewables will fill the gap, with more advanced technology improving efficiency.
To continue to be ahead of the game, we have recently launched our latest business unit – Asset Optimisation, which offers businesses the chance to take a more active approach to managing their energy bills.
Demand-Side Response, where a business is paid by National Grid to turn up or down their consumption on request, is a key area that the Asset Optimisation team can help with. Along with this, they can provide a number of different flexible routes to market for your additional assets, such as a battery storage project.
As this is still quite a new area, we have created a guide called ‘Unlocking the value in your flexible assets’, which can help your business understand how to make significant cost savings with a flexible asset approach.
Understanding where the market is going is the first step towards future-proofing your business. Find out more by having a chat with one of our dedicated Asset Optimisation team members today, by clicking here.