The Future of the UK Energy Market : Podcast Episode
Today’s topic on The Tech Entrepreneur is the UK energy market, how tech changes are affecting it and what that might mean for the future of energy in the UK!
We’re going to discuss the importance of data in the industry and how the lack of information can affect profitability and put suppliers out of business in the long run.
Phil will explain how the smart meters can help to solve this problem and provide a better experience for the clientele, reducing friction for both suppliers and customers.
We’re going to learn about how the Electric-Vehicle Market will switch the focus from fossil fuels to electricity and how this will make people more aware of electricity costs.
Solutions like a peer-to-peer market could provide a more cost-effective way to access energy, the same way that Transferwise disrupted the currency exchange industry.
Ultimately we’re gonna examine the role of the government in this innovation process and how tech and entrepreneurship can help solve these issues faster given the right environment.
Enjoy the episode and we’d be happy if you could leave us a review.
The hosts Darren and Phil share their insights from years of experience building software for the energy utility sector. From complex energy billing systems, smart meter integration, to digital products like mobile apps. They’ve seen how the UK energy market sector evolved throughout the years and are here to discuss its future and current dynamics.
“Less than 20% of the customers provide reads on a regular basis for non-smart meters.And that's crazy because the whole energy supply business is based on the assumption that they'll get paid for the actual energy that is used." Darren Auld
"Entrepreneurship can move much more quickly and can solve problems that large organisations and government bodies can't solve because they're too big and they move too slowly.” Phil Telfer
● 0:21 Episode Introduction
● 1:12 The importance of Data in the UK energy market
● 3:19 Smart meters and their benefits
● 6:04 Energy Supplier rates changes
● 6:55 The role of friction in business models
● 9:48 How EV will change energy consumption
● 14:57 How different energy sources affect taxes
● 17:26 The peer-to-peer energy model of the future
● 20:36 The Government's role in regards to innovation
● 22:44 Ideas for future episodes
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