Smarter Grids could slash consumer energy costs

This will allow consumers to be properly rewarded for the money they save on utilities by producing their own power when it is expensive to buy, by using power at times it is cheaper to produce, and for providing other services to the grid.

In the research, conducted by Ecuity for the Micropower Council and the Electricity Storage Network, microgeneration and storage are found to enhance consumer benefits significantly in an increasingly competitive and smarter energy environment. The research also looks at the scope to reduce consumer bills considerably once certain regulatory reforms are put in place.

“This is a landmark piece of research," says Dave Sowden, Chief Executive, Micropower Council. "It clearly shows that microgeneration of both heat and electricity creates considerably greater financial and economic benefits, but customers cannot presently be rewarded for this. 

"We know smart grids can work at a technical level, but for the first time, we now have a clear route map for how to make them work commercially and financially. The regulatory and policy reforms identified in this report will lead to permanently lower bills, less dependency on imported fossil fuels, as well as cutting emissions."

The full report can be accessed here.