Hundreds of thousands of homes will see average annual gas and electricity bills rise by 54% in April 2022 when the regulator Ofgem raises the price cap and for businesses; volatile commodities, a rise in wholesale fossil fuels, economic downfall and Russia/Ukraine tensions are driving business energy supply contracts to costs not seen before.
We are just a little over two months into a new year and there still seems to be no respite in the challenges UK homes and businesses face when it comes to energy.
To add to the pain felt by millions, it has been revealed the Big Six energy firms have banked more than £7bn in profits over the last five years and the Governments answer is the £200 Energy Bill Rebate for homeowners struggling with rising costs.
So, what exactly is the long-term answer and cost to reaching our Net Zero targets?
Three months on from COP26 and we seem to be going backwards…
Cast your mind back for a moment to October 2021. It was the build-up to the final moments of COP26, that had lasted for two years already. The climate crisis was headline news, on the television and in tabloids – as were practical and innovative solutions along with the people and businesses dedicating their lives and careers to sustainability and implementing solutions that will see us reach a flexible energy system, ultimately achieving Net Zero 2050.
However, post COP26, the mood was somewhat flat as the result was a source of disappointment. Along with many stories of corporate Greenwashing and the climate crisis growing ever closer to our homes, there has been a growing sense of anger at the gap between ‘talk and action’ on climate change.
Investing in solutions that work
Despite a volatile start to the new year, carbonTRACK, undeterred on its mission to create a more flexible energy system are confident of demonstrating our solutions and capabilities here in the UK. It’s also reassuring to see others in this space doing the same.
Making the energy system more flexible between homes and businesses is an essential part of our transition to a lower-carbon grid. Therefore, we have partnered with Energy Systems Catapult to deliver our flexibility platform in the UK residential market, a trial run by ‘Living Labs’.
What we do know is that demand-side response (DSR) can reduce energy bills and prevent unnecessary strain on the grid, as a result, stop the firing of fossil fuel generation. To deliver a smart grid, we must consider the possibility of a demand-side approach to energy management, using renewable generation and battery storage in conjunction with carbonTRACK can reduce energy bills by 25%. This is one sure way of driving down energy costs and carbon emissions.
Traditional forms of flexibility like gas-powered plants, which ramp up production quickly to meet un-forecasted demand are a thing of the past and not to be considered in our long-term smart grid plan. The carbonTRACK solution does better by reducing electricity consumption at peak times, dispatching assets to meet gaps in the system and balancing supply Vs. demand during peak times.
Offering the market, a solution that works…
Whilst government loans of £200 are not an answer to rising energy costs in homes, we understand what is and believe we have the answer.
Over the last 8 years, carbonTRACK has been successful in demonstrating its technology around the world. From using renewable generation more efficiently, monitoring self-consumption more effectively or deploying innovative solutions that meet virtual power plant needs at a mass scale to supporting local and national distribution networks.
The carbonTRACK technology does this by connecting energy generators, energy distributors and energy consumers – delivering embedded networks, Virtual Power Plants and facilitating smart grids.
We’re no stranger to creating a smarter and more flexible future, in fact, we have been managing large scale VPPs (Virtual Power Plants) in other territories for years now. In New Zealand, we worked with a leading energy company to provide sophisticated flexible energy services to the grid by integrating with over 2,500 solar and battery systems.
To move away from fossil fuels, lower energy costs and make a truly smart grid, we must allow households and businesses to become active participants in the energy landscape, that’s why our intelligent and affordable energy management system can integrate with generation and storage assets to create local VPPs here in the UK.
This will not only help support the grid but enable individuals and businesses to access cheaper and greener energy.
This is an exciting time for those wanting to challenge the traditional energy system. At carbonTRACK, we’re creating a smart grid one kWh at a time…