Energy smart data scheme proposed in Britain
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An energy smart data scheme involving sharing customer data with authorised third parties in a secure way is under investigation in Britain.
Underlying the proposal is the stated objective to give customers control over the use of their own data, so they can access useful, innovative and personalised products and services from third party providers that cater to their needs.
Modelled on Britain’s smart data-based ‘open banking’ scheme, which is said to have driven huge innovation and economic growth in the banking sector with customers having 24/7 access to their own data as well as new products and services, the government’s ambition is to achieve similar success in the energy market, according to a statement.
For example, energy smart data could help consumers find the best tariffs based on their actual consumption, with access to tailored support to explore lower carbon tariffs, switch suppliers and compare prices more easily.
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“Data and digitalisation will be an essential foundation of our mission to deliver a zero-carbon electricity system by 2030. Reforms will help consumers and businesses to benefit from the new era of clean power,” commented minister for energy, Michael Shanks.
“We look forward to working with industry and other key stakeholders to explore how we can implement an effective and safe smart data scheme in the energy market.”
To advance the proposal the government Department for Energy Security and Net Zero has issued a call for evidence on the development of an energy smart scheme, i.e. the overarching framework and structure that provides the rules, standards and agreements that governs data sharing between customers, third parties and data holders.
The aim is to understand the potential for introducing a smart data scheme in the sector with questions such as what can be learned from smart data schemes locally and internationally, how to foster customer trust and how to design and implement such a scheme.
The government’s statement says that with it sprinting to make Britain a clean energy superpower and protect working people from price spikes, an energy smart data scheme would deliver growth to businesses and help them to seize opportunities from the new era of clean electricity.
By paving the way for the creation of a new range of technologies, a potential scheme would provide British businesses with scope to innovate and help them to attract investment.
In turn Britain’s world-leading data economy, which drives investments worth up to 6.7% of UK economic activity, would be stimulated to grow even further.
The call for evidence is open until 10 March 2025.
