On the back of the drive to Net Zero, the liberalisation of the Australian energy market continues to accelerate, delivering upsides to both consumers and business. On the one hand, technology-led innovation is driving transformational changes to the energy sector, as we move to reduce emissions from coal-fired generation and create a low-emission electricity system through renewables. Another consequence of the ongoing transformation, as this Federal Government report notes, is that:
“Developing the smart grid of the future will also require a gradual change, away from a highly centralised one-way flow of electricity to a decentralised two-way system that allows consumers to participate in the sophisticated management of demand, generation and storage1.”Parliament of Australia: Electricity sector: continuing modernisation. Stephen McMaugh, Science, Technology, Environment and Resources.
Welcome to the world of Open Energy
We’re already seeing this change in the form of the Consumer Data Rights (CDR) regulation that brought Open Energy to Australia in November 2022. According to Deloitte,2 this will “place the power of energy data in the hands of the consumer.” Through this legislation, the ‘Initial Retailers’ of AGL, Origin, Energy Australia and AEMO, must comply with non-complex consumer data requests from this date, and complex requests by May 2023, with other large retailers coming on board later.
“Companies who are prepared to navigate the changes, can… capitalise on technology-enabled innovation, and leverage the opportunities that shared data creates will thrive2.”Deloitte: Open Energy Data – It’s time to unlock the power of Open Energy. December, 2021.
Smart tech drives efficiencies
“Technology-enabled innovation” is not only fundamental to large-scale transformation but also at an enterprise level too, turning energy data into an asset for businesses. As this IEA report suggests: “Digitalisation can improve energy efficiency through technologies that gather and analyse data to effect real-world changes to energy use3.”
We’re all familiar with home tech that allows us to do things through our smartphones like see our ‘live’ usage or turn off the lights. Similarly, the increasing use of sensors and smart meters, smart appliances and more energy-efficient buildings is helping optimise energy use for business. It’s this digitisation technology that is bringing energy management to the fore: “Digital technologies expand our view of energy efficiency: from end-use efficiency to system efficiency3.”
With this in mind, how can your business use digital smarts to turn your energy data into an asset?
Act now to make an impact tomorrow
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