DATA
BY NOT SHARING data , the UK energy industry is missing out on savings of $ 92,000 for every MW of peak capacity , which equals $ 5.3bn per year . This includes key players like the National Grid , investors , battery manufacturers and management contractors .
The figure was arrived at by QBots , a company providing renewable energy solutions to businesses , and Foot Anstey , one of the UK ’ s top 100 law firms . The two undertook research into reducing infrastructure spend across the distribution network and the grid , having a greater security of supply by not relying on fossil fuel plants , and balancing energy supply at a local level rather than at national transmission levels . The report found that if the main energy players were to share their data effectively across these areas , it would result in huge efficiency savings and new ways of working , opening up additional revenue streams .
A whole new industry has formed to manage increasing amounts of data . One new system that has been developed is the blockchain , a method of storing and sharing data in highly secure “ blocks ,” the most famous example being the Bitcoin cryptocurrency . Chris Prichett , Head of Energy at Foot Ansley explains : “ That ’ s a system we ’ re likely to start seeing more and more . It involves everybody sharing information and a huge amount of processing power , but as an enabler of a smart localised grid that ’ s where the future is , and will be within five years .
“ Blockchain will make a huge difference to the way we generate , consume and account for energy ,” he continues . “ It will be the biggest single driver of information change in the energy market , and the volume of processing requirement for a blockchain system involving energy is enormous .”
While it is a closed , secure system , it will make it possible for people to share their data in urban environments . “ If I don ’ t use a certain amount of electricity in a day I can sell it on to my neighbour , who may not use all that and it spills over to the next neighbour ,” Pritchett explains . “ All of that extra energy and selling gets automatically paged into my account under a self-completed transaction , which is all recorded by blockchain technology .”
18 December 2017