The future of energy: 6 new ways to help your business benefit from changing technology
28th February 2019
To discover more about the changing energy market, download our free white paper.
In the last of our series about the future of energy, we look at how changing technology will help businesses benefit from new partnerships.
For more than a century, all that businesses expected from their energy supplier was a reliable supply of energy at an agreed price. As we revealed in an earlier post, those days are fast disappearing.
Many businesses actively seek long-term partners to help them navigate – and benefit from – the changing world of energy. If 2018’s trend of rising energy costs continues, advances in technology will support and accelerate the transformation of the traditional one-way relationship between customer and supplier.
Increasingly, new two-way relationships between businesses and their suppliers are helping the former to optimise the energy they use and produce. A similar partnership could also help to:
1. Protect your business against excessive or avoidable energy costs
To protect your business, you could develop greater contractual and commercial flexibility to provide you with a secure supply of energy at an agreed price.
You may also create a new physical infrastructure, such as battery storage (to help reduce costs at peak times) or generation capability (e.g. solar panels). Either could allow you to generate an income through Demand Side Response as a prosumer.
2. Manage your energy more efficiently
Conventional energy efficiency programmes are moving towards a system supported by new and more advanced software and hardware. Automated energy management systems are already helping many businesses reduce their costs and carbon footprint - and yours could be next.
What’s more, new smart technology is set to simplify the whole process further.
3. Develop your own capacity for low carbon generation
Using technologies such as solar photovoltaic (PV) panels or wind turbines could help your business meet its carbon emissions targets and achieve its Corporate Social Responsibility (CSR) objectives.
Being a low carbon generator could also be a wise move if it’s something your customers expect of you.
4. Innovate technologically and commercially
You may decide to support local energy systems and microgrids that bring low carbon energy to your entire community.
This would allow your business to meet its need for electricity, while also creating an additional income stream.
5. Ensure you always have the power you need
Choosing a supplier that’s backed up by a secure and resilient supply network will help to give you peace of mind.
In recent months, a number of smaller suppliers have gone out of business. Thankfully, the industry regulator - the Office of Gas and Electricity Markets (Ofgem) - has been able to step in to ensure continuity by appointing an established supplier to take over. Even so, the business customers of the failed suppliers may have endured a period of uncertainty that left them feeling powerless, even if their power remained on.
6. Maximise new opportunities; minimise commercial risks
Your business can balance the opportunities and risks with the help of your energy partner, as part of an energy services package.
Such an arrangement could include, for example, developing new low carbon generation technology together on the basis of sharing revenues or benefits.
Download your FREE copy of ‘Supply and beyond: What does the future hold for business energy customers?’ HERE.
To find out how Haven Power can help your business benefit from the changing energy market, please use our contact form to get in touch.Download white paper
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