Verv COO Maria McKavanagh was with UK regulator Ofgem on Thursday last week at their conference on the Future of Energy. Here, Ofgem in their own words shared their “vision of the future energy market, hearing from a diversity of voices on the challenges and opportunities borne of the energy transition and much more”
Maria gave a presentation on how artificial intelligence and machine learning can be applied to the energy sector and the benefits involved, which directly followed a presentation by UK Minister of State for Energy and Clean Growth, Claire Perry.
Reflecting on the event, Maria said “It was fantastic to hear Ofgem’s strategy for the next two years, particularly around ensuring retail markets work for all in terms of value for money and customer satisfaction and also how they plan to enable future markets and systems for a smarter, more flexible energy system. This was echoed by Claire in her speech, as she laid out a vision for a future energy system that is truly smart.
Ofgem did announce that there would be an increase in the price cap in April due to the rising costs of wholesale energy, which didn’t go down well with many in the room. This shows it is more important than ever for consumers to be empowered to reduce their energy consumption through technologies like Verv, and also have greater access to domestic generation.
The new Smart Export Guarantee, which will replace the Feed in Tariff is interesting and Claire Perry was enthusiastic about it. However, it remains to be seen if it will ensure that the uptake of solar doesn’t suffer going forward.
A topic, which was spoken about by both Dermot Nolan (CEO, Ofgem) and Claire Perry was the importance of diversity in the energy sector. Dermot, in particular, mentioned that it was vital to make “fuller and better decisions” and called upon everyone in the room to strive for diversity within their organisations from gender, to ethnicity and disability, and generally be more reflective of the customers which they are serving.
Claire’s speech was very focussed on innovation and how BEIS would enable it going forward through things like funding competitions. She called out peer to peer energy trading in particular as an innovation, which we must bring to fruition so I was delighted to follow her as part of my presentation discussing how we are doing just that at Verv.”
Photo credit: @Ofgem on Twitter