The future of energy: How innovation can help your business optimise its electricity
21st February 2019
To discover more about the changing energy market, download our free white paper.
As the world of business energy changes, companies will face new challenges - and opportunities. If your business can find the right partners to help you innovate successfully, you’ll reap the rewards. In the third of our future of energy series, Cornwall Insight explores what shape those innovations might take.
What’s changing in the world of energy?
The way businesses use electricity is changing, partly because the trend throughout 2018 was for the cost of wholesale electricity to rise. And, as the UK system is now relying more upon renewable energy, more ‘prosumers’ are generating and selling their own power.
The increase in renewables is making wholesale prices more volatile. As a result, businesses are turning to self-generation to help manage their future electricity costs.
Against this challenging backdrop, it’s important to know there are some opportunities available too.
What are the opportunities for your business?
1. More self-generated green energy
Self-generating low-carbon electricity could help your business reduce carbon emissions and fulfil its Corporate Social Responsibility goals. It may also give you a greater degree of price certainty, as you’re able to budget your electricity costs more accurately over longer periods.
2. Genuine partnerships with new suppliers
Falling technology costs are making it more attractive for developers to consider constructing ‘hybrid’ power plants – combining generation and storage – or ‘microgrids’ of local power sources.
These connect to the grid in the conventional way, subject to the normal levels of cost for distribution, or use ‘private wires’ to link generation directly to demand. This second option doesn’t use the public network at all, and can help you to avoid some third-party costs.
With this model, your business can benefit from consuming green power generated on-site at an agreed price and from topping-up from the market when needed.
If you’ve built your own self-generation capacity, then you’ll need to maintain a good relationship with your new supplier to integrate your exported power into the new electricity network. This is especially true in the post-subsidy world.
So this isn’t just a question of negotiating flexible contracts; it’s about building a mutually beneficial partnership with your supplier that acknowledges your role as a prosumer.
This means you’ll need to choose your electricity partner very carefully. They’re no longer simply supplying you with a product - they’re helping you map out the path to a successful future together.
Get your FREE copy of ‘Supply and beyond: What does the future hold for business energy customers?’ here.
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