The UK energy industry could be saving £4bn a year by sharing data, says Foot Anstey
Sharing data with rivals could save the UK’s energy industry £4bn a year, according to energy law experts Foot Anstey.
Even though more than half of the UK’s energy this summer was supplied by renewable sources, research suggests that £70,000 is being lost with every 1MW produced.
Modelling executed by Foot Anstey, along with partners QBots, an energy systems developer, has indicated that this loss is due to inefficiencies going unchecked because different players – such as energy asset owners, manufacturers, and system operators – have neglected to share information.
This works out at a potential efficiency loss of £4bn across the UK network.
Chris Pritchett, Head of Energy at Foot Anstey, commented: “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.”
Pritchett does not suggest that players start to share all of their information. He advises that partnerships are made, allowing players to disclose information with one another in order to develop localised projects, such as smart cities and microgrids.
Foot Anstey released these findings in its report: Data in Energy Storage: Mine, Mine, Mine.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.