ECO ENERGY - The story of creating a whole new utility business model
Business owners have long been trying to understand their utility bills and more recently have been demanding better transparency and control. The emergence of independent power producers and renewable energy technologies are driving disruptions to the old utility business model. Not least it is changing the nature of the relationship a utility has with its customers.
Utilities and grid operators have to build more peaking plants and invest in new infrastructure, to meet the increasingly variable supply and demand conditions. However, certain assets that feed into the grid have very poor response times (such as nuclear power stations which cannot turn on and off supply at a moment's notice), hence too much electricity can be produced as well as too little in certain circumstances.
This highly innovative company is working to provide utility companies with their own virtual power plant, where load portfolios are aggregated and operated as a flexible source on the energy market. The system is based on customer engagement and big data personalisation, providing huge amounts of data on energy consumption and giving price transparency.