The UK energy sector is missing out on billions of pounds of savings a year by hoarding data.
That’s according to new research, which suggests around £70,000 is being lost for every MW of peak capacity due to inefficiencies going unchecked as asset owners, manufacturers and system operators are not sharing information.
That results in a total loss of £4 billion a year across the UK network – in an ideal scenario where there is complete data sharing – at the current demand of 60GW.
The report from energy law experts at Foot Anstey in partnership with energy system developers QBots suggests the savings come mainly from National Grid not having to pay out high prices for peaking plants, balancing services and reduced losses through local generation and distribution.
They add there will be “huge savings” from reduced infrastructure costs and investments and battery operators will also see efficiency savings and new ways of working which will open new revenue streams.
Chris Pritchett, Head of Energy at Foot Anstey said: The problem is often not stockpiling of data, it’s the reverse – people don’t know what a goldmine they’re sitting on. No one necessarily has a ‘right’ to energy data although some market players are becoming more alive to the potential in owning it.
“But we’re not advocating that everyone suddenly starts to share everything they have, with no heed to the commercial impact. Instead, we see clusters of strategic partnership developing and exciting localised projects such as smart cities and microgrids.”