Reports, opinions and calls for evidence on the state of our energy market have not been in short supply. Government ministers, hot on the foot of the Competition and Markets Authority’s (CMA) Energy Market Investigation which kicked off in 2014, have not been shy in coming forth to express their frustration that ‘the energy market is not working’. Indeed, Theresa May has reportedly turned the phrase ‘our broken energy market’ into a mantra.
Over 20 innovators, new businesses, third party intermediaries, market associations and Ofgem, joined us on the 18th April 2018 for Gemserv’s first energy Innovation Forum. Representatives commented that regulation is fit for ‘yesterday’s market’, queried who we are trying to protect – commercial concerns or the consumer, commented that smaller businesses do not have the manpower to influence change, and that within 10 years 50% of electricity will be from distributed sources. Gemserv’s assessment is that the rapidly transforming energy sector is being hampered and frustrated by outdated regulation and governance, serving as a straight-jacket on today’s innovators and businesses. It is not working as it should, and more importantly, it is not fit for a new energy future driven by data.
Making A Step Change
This is the first in a series of thought leadership papers. Starting with the consumer and the retail market, we explore how energy governance could evolve to become so much more, by confronting a number of fundamental questions.
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