A Deeper Look at Electricity Markets
11. Conclusion
There are a range of factors to consider when choosing your electricity contract, and when and how you make use of electricity at home or work. Energy digitalisation has a critical role to play in supporting informed decision-making for both energy providers and suppliers, as well as consumers through enabling real-time monitoring, forecasting automation and market participation. Contract choice, energy use patterns and availability of digital tools (e.g. apps, automated controls or price signals) are also important factors when choosing an electricity contract.
Energy digitalisation has a critical role to play in enabling energy producers and consumers to manage how and when energy is being used. Demand response provides opportunities for us to make the most of lower cost, lower energy-use periods. Demand response also supports decarbonisation and grid flexibility, particularly in systems with a high share of variable renewables. Additional benefits of demand response include a more stable electricity grid, environmental benefits and the ability to integrate excess energy produced by household clean technologies such as solar panels and wind turbines. Local energy markets and energy communities support our move toward more inclusive, equitable and resilient energy systems. The use of digital platforms by energy communities enables prosumers and communities to actively participate through dynamic tariffs, local trading or aggregation models.
Further Reflection (5 minutes)
In this week of the course, we’ve discussed different types of electricity contracts, and the potential of different digital technologies to support our energy use. Thinking about your own context(s), did any of this week’s suggestions particularly resonate with you? What kinds of further action could you take to explore different contracts or digital technologies?
Make a note of any suggestions that resonated with you, and consider what further action you might want to take. If you're working with others you might want to discuss together.
