Why energy retailers could benefit from giving power to the people
By guest blogger Jemma Green, CEO at Power Ledger
Australia is leading the way for energy market transformation, one where power, quite literally, lies increasingly with the people.
Better known in the 1960s as a slogan to champion cultural change, or as one of John Lennon’s famous song titles, ‘power to the people’ is set for a resurgence of a different kind.
In early November, the Australian Energy Market Commission (AEMC) made headlines when it said the country needed to prepare for a ‘completely new’ two-sided energy market, in which consumers are rewarded for buying and selling energy in real-time.
When it comes to accelerating the take up of renewable energy, the idea of a two-sided market could be the solution the world’s energy markets have been looking for.
This kind of market mechanism will undoubtedly encourage consumers to not only use renewable energy but also encourage them to stay connected to the grid.
There is an upside for grid operators in facilitating the trading of energy and for consumers selling excess energy to their neighbours and the market.
This idea forms part of AEMC’s latest information paper, seeking to open discussions on how best to ‘harness digital disruption’ for the benefit of Australia’s energy consumers.
Published on Forbes, 22 Dec 2019