Article | April 16, 2020
To maintain the goals of the Paris Agreement and save the Earth from ecological breakdown, one of the most important things experts agree we need to do is transition to a renewable energy economy. While most of us may associate renewable energy with wind energy and solar energy, there are several other sources of clean energy that are growing in popularity. One such source is geothermal energy.
Article | March 22, 2021
Despite rising energy costs and dwindling customer ratings of the ‘Big Six’, over 37% of Brits still believe they are getting a good deal when it comes to gas and electricity.
Here, Keith Bastian, CEO of rising independent Outfox the Market, challenges those age-old perceptions that are damaging consumer bank balances…
I have never quite understood the notion of pay more for the same service. Except that last part, is really where the difference lies.
As I have made my way through the energy market, it seems clear to me that we are facing a common notion.
Age-old dinosaurs, that have relied on name status and brand power to retain customer loyalty, despite not providing anything different or any value-added service, give the impression that customers are somehow safer with them. That is the biggest misconception.
We at Outfox the Market would like to challenge that.
Of course, when I speak in such a way, I am referring to the ‘Big Six’, those long-established brands whose share in the energy market whilst substantial, is increasingly coming at the cost to its customers.
For example, in the latest independent customer rankings from Which, it was determined that the traditional big energy companies had some of the lowest scores for customer service and value for money, yet some customers still feel secure with them.
On the contrary, rising independents, such as ourselves, were scoring highly in these areas and this is where I feel the difference lies.
Regardless of your opinion on fossil fuels and/or renewables, it is more the value of looking after your customers, understanding their concerns and dealing with them efficiently that has become somewhat lost for the ‘Big Six’.
It is true that they have a larger proportion of customers to serve with a larger workforce, but that should not be to the detriment to the service they provide.
What were are seeing now, as evidenced by the recent Ofgem price hikes, is the ‘Big Six’ once again failing consumers in these areas, with most of the top names putting costs up by £96 a year on average as of April.
I am not one to not acknowledge that energy firms are tongue-tied in some respects in passing regulated costs on; there are times when we must. However, customers could also benefit from a little research.
Even with growing numbers of consumers switching, nearly 60% of all households in the UK are still on standard variable rate tariffs, those that are subject to the incoming Ofgem hikes.
So, the real question is why aren’t more customers switching? Heritage, loyalty and brand association. These facets really should not come at cost of paying more for energy.
I really believe it is down to time-sensitivity and a misunderstanding around the barriers to switching, with cost somewhere in the middle.
According to MoneySuperMarket, 75% of us would switch if we could save £149.99. A hefty figure, but why not the £96 highlighted earlier? That is still pretty good, and something that would add up nicely over the years.
I understand we are time-poor as a nation, it’s well publicised, but we’re all well averse in switching phone contracts and insurance deals, so why not where our energy comes from?
Truth be told, I believe it’s an age-old notion that energy is ‘just something that comes with the house, not worth the hours or hassle to change.’
But in all honesty, it takes a matter of seconds to switch. Firms such as ourselves offer this and more via a quick and easy quote online. Best of all, many energy providers will help manage the switching process for you, contacting your current provider and notifying them of your intentions.
I would also like to challenge this notion that once an energy firm ‘gets you’, you are ‘locked in’ for years upon end in ever rising contract costs.
If you are on a standard variable tariff, you can switch to a new provider at any time. What’s more, even if you are in a fixed term energy deal, which can be subject to exit fees, sometimes the cost involved outweighs the savings you can make with your new provider.
Customers must do their best to ask more of energy firms, check the service they are being given and hold it up against national bill averages. Compare what your neighbours, friends and family are paying under similar living circumstances, and weigh up if you are being given a fair deal.
Living costs and regulated price hikes are always going to be an ever present worry, so I call on both customers and energy firms to do their due diligence in these respects.
Age-old energy firms relying on their reputation must take a serious inward look at their lessening market share to understand why they are failing customers.
It’s time to make a change now, both from business attitude and a consumer standpoint; switching is quick, easy and a vital notion to bear in mind, as both retaining custom and saving money becomes an ever-growing sticking point in the energy market.
Article | December 17, 2021
The pandemic emptied out most of America’s offices as workers across the country set up home workstations. Although this looked to be a temporary situation for many, it has become clear that many workers are choosing to continue to work from home, and many businesses are embracing this concept as well. If you’re one of those individuals, you may want to consider adding solar to your home.
A shift in power usage
According to the National Bureau of Economic Research, “Americans spent $6 billion more on at-home power consumption from April to July 2020 than during normal times, nearly offsetting a decline in business and industrial demand.” The increase in residential consumption was fueled by increased home heating and cooling demands, workers participating in virtual meetings, running computers, printers, lamps, and other electronic devices all day long. This has resulted in a shift in energy costs from corporations to employees, with many workers seeing significant increases in their home utility bills.
Capitalizing on higher demand to maximize your system size
Solar can be a great way to offset the costs of your home's energy demands. Because your consumption is currently higher than it would be if you were working at your company's office, you have the ability to install a system that will more than cover your electricity needs if and when you do return to a corporate office setting. Although your increased usage means you'll need to add a more extensive solar photovoltaic system to your home to do this, it also provides you with an opportunity to maximize your system's size to meet your needs.
Incentives and savings
The federal solar tax credit, also known as the investment tax credit (ITC), allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes. However, that number falls to 22 percent in 2023 and goes away in 2024 for residential projects, while commercial projects are reduced to 10 percent ongoing. The ITC applies to both residential and commercial systems and there is no cap to the size of the system the ITC can be applied to. Making plans now to invest in a solar PV system for your home can be a great way to continue to reap the rewards of working from home without it having a significant negative impact on your monthly utility bill.
Article | December 23, 2021
Cleaner energy resources are the dire need of the hour and this is a known fact. While scientists and experts across the planet are striving hard to reduce our reliance on fossil fuels, our energy needs have never faced a downfall- thanks to rapid industrialization and urbanization. Although renewable resources like solar, wind, and hydro-electric power are the most popular alternatives, these are seasonal energy sources and the energy production from the same will not be similar all around the year. The fluctuations in production hence cannot always meet the energy demand of the population, and this makes the renewable energy sources not completely reliable.
Solar Production v/s Demand of the same in a year
What and How H2 is produced?
Now, this is where Hydrogen- the first element of the periodic table comes to the spotlight with a solution. Being a gas, hydrogen fuel can very well cater to our energy needs and is produced from techniques including Thermochemical, Solar-Water splitting, electrolytic and biological processes. While the production of this cleaner energy source leaves a carbon footprint of about 830 million tonnes in the form of CO2 annually, the result being a zero-emission fuel is what makes H2’s future bright.
Storage of H2 – the million-dollar question:
Having almost cleared the need and methods of producing hydrogen fuel, we will be looking at an area that is usually not given much thought about and that is the storage of H2. As already mentioned, for time being let us consider hydrogen as an alternative to renewable resources which is utilized when the energy demand increases drastically. While producing the fuel in the nick of time is obviously undoable, sufficient storage of H2 anticipating the demand is the best choice. Like Natural Gas, Hydrogen is also compressed before storing to achieve lower volume and also because liquid hydrogen demands a 64% higher amount of energy for storage than its compressed gaseous counterpart.
Storage tanks v/s Geological landforms:
Compressed Hydrogen can be stored in surface storage vessels (like steel composite concrete vessels and in wind turbine towers) or in geological landforms like (salt caverns, depleted O&G reservoirs, and aquifers). Nevertheless, unlike the underground geological landforms which offer huge storage capacity owing to their sheer scale, the storage tanks which can range in size from a small bottle to a huge tank require high amounts of pressure to store an appreciable amount of H2 in it. Since these storage tanks are usually constructed on the surface, the pressure conditions in these tanks need to be artificially stimulated and thereby mount huge upfront costs when compared to their geological storage counterpart.
H2 storage prices in Geological Landforms v/s Storage Vessels (in $/kg)
The above is a table comparing the prices of Hydrogen storage in Geological landforms and Storage Vessels at different pressure conditions. It is visible from the table that it's about 218 times cheaper to store the same amount of hydrogen in Geological landforms than in storage vessels.
Is geological storage truly a better option?
Like any other storage option geological storage too has its pros and cons. From the erosion of pipelines to the tedious task of injecting the gas and maintaining it at apt pressure conditions, geological storage has its limitations. However, the important prerequisite is the availability of the suitable landform itself.
While most of the Depleted O&G Reservoirs have already met all the requirements for a suitable Underground Hydrogen Storage (UHS) system, the presence of unrecoverable remnant fluids in it makes it both a boon and a bane. This is because the presence of remnant fluids like oil and gas satisfies the cushion gas need for efficient storage of H2 in the reservoir, chances of contamination of H2 by the same is also high. This is the reason why Aquifers too aren’t favorable underground landforms when it comes to hydrogen storage.
Salt Caverns- the best UHS System?
The problem of Hydrogen contamination in Depleted Oil & Gas reservoirs and aquifers leaves us to the next big suitable subsurface landform- salt caverns. Unlike the other two landforms, the problem of contamination can be prevented in these dome-like structures formed due to the upliftment of salt deposits and it is also found that about 98% of its storage efficiency can be used to store Hydrogen here. The reason behind its relatively expensive nature when compared to its other two counterparts is due to the process of salt removing or leaching that must be done before storing to ensure that the contamination of the gas is unheard of at least here.
Suitable Conditions of UHS:
As per Stefan Iglauer, the maximum amount of H2 can be stored at a depth of 1100m beneath the Earth’s surface and the capacity gradually decreases up until 3700 m depth beyond which the wettability of the gas increases as it percolates through the rocks and hence cannot be permanently immobilized. Conclusively it is found that suitable landforms formed at 1km depth can store up to 2.0 Mt of H2. Comparing this 2 MT storage capacity of Salt Caverns with the currently available storage tanks which can store about 800 kg of H2 in it, it is visible that geological landforms have a clear upper hand at least when it comes to storage capacity.
Future of UHS:
With demands for Hydrogen fuel estimated to grow at 5.48 % annually and the need for a suitable storage system of the same at 5.8% annually, the field of Underground Hydrogen Storage systems indeed has a bright scope. Moreover, to meet the large-scale needs of Industries, there is an imminent need to level up the storage capacity of H2 and by exploring suitable geological landforms across the globe, the estimated industrial need of 1200 kT/ year in 2050 can be met.