By 2025, offering half hourly settlement will be mandatory for all energy suppliers.In the interim elective phase, suppliers have a golden opportunity to use half hourly interval data to realise a host of data-driven benefits, create better customer experiences, and drive innovation at the grid edge.
Lower your cost to serve and deliver innovative new services
Energy suppliers are currently in an elective phase for half-hourly meter data collection and processing. In just a few short years, offering this will be mandatory for all. But even before the mandate comes into action, suppliers should be seizing on this to gain a competitive advantage.
Daily or one-off register readings can present a higher cost to serve. A lack of interval data means that energy suppliers cannot reward customers for lower use at peak times. Suppliers also miss out on opportunities to improve forecasting longer term, leading to higher wholesale energy and imbalance costs. No interval data also makes it difficult to innovate and deliver new services tailored to users – a growing concern, as the grid becomes ‘smart’, with bidirectional energy flowing from new sources.
Siemens Half Hourly Settlement
Supplemented by a portfolio of established intellectual property, half hourly settlement from Siemens helps suppliers tackle these challenges head on, supporting behind the meter activity to give suppliers a more accurate picture of energy usage.
With greater access to interval data, energy can be bought more cheaply, settlement decisions can be optimised and customers can be profiled more accurately. This means that energy suppliers can design personalised tariffs for customers and bundle solutions to create more attractive offers, such as low-cost overnight tariffs for customers with electric cars.
The right processing partner
The transition to Half Hourly Settlement is seen as a challenge for energy suppliers of all sizes. How can this volume of half-hourly data be processed internally without serious investment in infrastructure?
As a market leader in meter data management, Siemens has considerable experience of both half hourly and non half hourly settlement. Our systems have been reengineered to support the domestic transition to half hourly settlement and rigorously tested in the cloud to deliver the scalability and flexibility needed by energy suppliers looking to make the transition.
By getting ahead and beginning to transition now – using Siemens to manage the process and gain real value from deep data analysis – suppliers can save significant internal costs whilst utilising this data to provide innovative tariffs, meet customer needs and prepare for the future energy landscape.
Siemens & Utility Week: Half Hourly Settlement Insight Report
The stark threats of climate change mean there’s a burning platform for innovation in energy services. But are suppliers ready to support the nimble settlement processes required to make sure these innovations are available to the mass market? In a new report created in association with Utility Week we asked energy retail leaders why market-wide half hourly settlement matters to the energy transition and what steps they are taking to prepare.
Get real value from your half hourly data with Siemens
The ability to process half-hourly reads for settlement purposes is just one part of the puzzle. The true value of this data can only be unlocked with the right supplementary services. Siemens’ processing power (with support from Oracle Cloud to handle large volumes of data) helps energy suppliers large and small turn data into tangible benefits. And, thanks to our continual innovation in the energy space, our customers benefit from the latest in technology and consultancy.
As a global leader in Meter Data Management technology, Siemens processes more meter data than anyone else, meaning we’re ideally placed to help suppliers accelerate their innovation here. And that could be the crucial difference between success and failure in an increasingly competitive field.Nick Jones, Strategic Portfolio Lead, Siemens
Half hourly settlement bridges the gap between smart metering and the smart grid, giving suppliers more data that – if combined with the right tools and consultancy – leads to a host of customer benefits, as well as eventual compliance with the half hourly settlement mandate.