As the energy market continues to evolve and the ways in which energy is produced, stored, shared and consumed become ever more complex, it is essential that consumers remain front and centre of energy regulation. It is vital that consumers are aware of the changing landscape and their rights and responsibilities when it comes to energy use.
The traditional energy market is being transformed as new technologies, such as solar panels and battery storage, become more widely used. This has resulted in a decentralisation of energy production, with consumers able to produce, store and sell energy independently. This decentralisation has led to an increase in the number of small-scale energy producers, such as households and businesses, producing and selling their own energy. While once upon a time consumers were simply required to select from providers based on price and reputation, they now have an ever increasing number of options and variables to consider.
At the same time, changes in the way energy is used and shared are also occurring. Consumers are increasingly relying on services such as peer-to-peer energy trading and virtual power plants, which allow them to share energy with other consumers. This sharing of energy has the potential to lower energy costs for consumers and reduce the reliance on fossil fuels.
As the energy market continues to transform, it is essential that consumers remain at the centre of energy regulation. This is because energy regulation affects the rights and responsibilities of energy users, producers and suppliers, and can directly impact the cost of energy for consumers. A key focus of the energy market transition will be the risks that are likely to be faced by energy consumers.
Energy businesses themselves play a critical role in the energy transition. Most of the ‘regulation’ of the actions of energy businesses occurs within- that is individuals within a business make decisions about what to do and what to not do. The external regulatory framework sits outside of the internal regulation that occurs on a day to day basis. The rights and interests of consumers and the risks that may result need to be front and centre of each internal discussion by energy businesses. This is and will continue to be a critical ‘condition’ of the social licence held by energy businesses.
It is critically important that consumers have access to reliable, accurate and up-to-date information about energy regulation, the options available to them and the benefits and disadvantages of each option, so that they can make informed decisions. The Consumer Data Right will be one tool that enables this to happen.
At Compliance Quarter, we understand the importance of ensuring that consumers are at the centre of energy regulation. We provide a range of services to help our clients ensure that they are compliant with energy regulations and that consumer rights and interests are taken into account. Our services include providing guidance and advice on energy regulation, monitoring changes in the energy market and ensuring that our clients are aware of their rights and responsibilities.
By ensuring that consumers are properly informed and protected when it comes to energy regulation, we can help to create a fairer, more equitable energy market that works for everyone.