Is Open Energy the future for the UK energy market?

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The Federation of Small Businesses recently commissioned Fingleton Associates to look into the feasibility of an open energy system, similar in many ways to the open banking regulations currently operational in the UK. Open Energy would make it much easier for customers to switch gas or switch electricity providers and control the data held. A report on the findings of this research was issued in September, and the full report is available to read online. A brief summary of the findings also follows.

About Open Energy

Open Energy is a reforms-based solution to many of the problems affecting the current energy market, but it’s not a regulation. It’s believed by many that adding even more regulation to the energy market would cause loss of customer support and possibly stifle the competitiveness of energy providers.

However, it’s envisaged that an Open Energy market would perform in much the same way as any normal market, by enhancing the terms available for customers and innovators via policy reform and providing far more market information and control of contract to customers.

Andy Poole is the deputy head of policy at the Federation of Small Businesses, and he commented: “The journey with Open Energy dates back two years from a report called The Price of Power. How we generate and use energy is transforming drastically to more distributed and carbon neutral systems, which requires a lot of investment, which comes down to bill or tax payers. So where in the past we speak about unfairness in the existing market, especially for businesses, we look forward to a future smart market.”

What does this mean for businesses?

Business users currently face problems with the commercial energy market as it is far too complex and often results in businesses being charged the most expensive tariffs. Open Energy will offer businesses the opportunity to have much greater control over the smart meter data for their company and simpler methods to access the most cost-efficient tariffs. Data from smart meters could also be used to operate deman -management systems in which consumers have the ability to specify the amount of energy provided by renewable’s.

Companies currently looking to switch business energy suppliers will find it’s easy when they get in touch with Utility Bidder.

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