Why data settlement is a key cog in our modern energy transition
The critical role of smart meters towards creating a decarbonised and more efficient energy system is by now well understood. However, what is often overlooked is the equally important role of meter data services.
Just like metering, data settlement is also getting smarter – transferring from an analogue system characterised by manual data collection and estimated consumption, to one that is more accurate and more insightful.
As with our metering services, SMS is currently supporting Britain’s energy suppliers with this transition to smart data settlement – enabling more streamlined and effective processes and the ability to offer more precise billing. With around 36 million meters still to be switched to smart, there is huge market growth for smart data settlement as suppliers take on more smart meter customers.
This is reflected in the growth of the SMS Data Services team, having recently opened a fourth office in Cardiff to cater for market expansion. But this is just the start of the data revolution, as improvements in the quality of settlement encourage innovation and more efficient use of energy.
With these changes and improvements still ongoing, as an industry we are only just in the process of ‘getting smart’. To facilitate a smarter, cleaner energy system, a continued smart energy revolution will be essential.
As more UK consumers switch to smart meters, energy data can be settled and billed more efficiently and more accurately. This will only improve as understanding, awareness, and uptake of elective half-hourly (EHH) data settlement and its advantages increases.
SMS is excited to have launched a dedicated EHH Data Settlement service, enabling energy suppliers to intelligently analyse their customer base, giving them the visibility and control to select which customers to settle HH, or switch back to non half-hourly (NHH) settlement.
What’s more, with our smart tariff design, we can also help suppliers enable their customers to shift electricity use from peak times, help balance demand, cut costs and improve efficiency.
For the energy industry, this is the next step in what ‘Being Smart’ actually looks like. But where will this journey ultimately lead us?
Our objective is to realise a ‘Smart Future’ where energy works better for everyone. And just as consumers are having to adapt for the future, energy suppliers are too. With Ofgem also now developing plans for mandatory HH settlement, the introduction and adoption of EHH settlement has taken on increasing significance.
With EHH, we are already seeing significant demand shift across the grid, boosting the integration of renewables, low-carbon tech like electric vehicles, battery storage and smart home appliances.
EHH and, in time, MHH settlement can be a gamechanger, facilitating new opportunities, providing suppliers with more data insight, reducing their costs and helping them remain competitive.
SMS is today working with energy suppliers to develop EHH settlement and the smart tariffs that’ll be key to incentivising smart meter uptake.
If you’re responsible for Energy Trading/Risk Profiling within a supplier, get in touch with us at firstname.lastname@example.org or call 02920 739 543.