Cheaper electricity With Renewable Energy

N/A | December 6, 2018

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The study explores the implications of a renewable energy (RE) target for South Africa to generate 15% of electricity from renewable resources by 2020. We report on the effects of 15% renewable electricity on the total cost of electricity production, investment in electricity infrastructure, and national greenhouse gas emissions. Achieving such a target will pose institutional, financial and policy challenges and several options were considered. The two most promising technologies for South African conditions are wind and solar thermal electricity.

Spotlight

Renewable Energy Caribbean

Energy is hotly-debated, misunderstood, and vital initiatives too often fall short. REC provides news, data analytics, insight and consulting for smarter Caribbean renewable energy projects. We bring over 20 years of combined technical, research, financial and strategic expertise in the public and private sectors, viewing the Big Picture through a uniquely local Caribbean lens.

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Major Sustainability Impact via Renewable Power

Article | April 6, 2020

Globally, there is increased interest and investment in sustainable forms of energy via commercialized renewable power technologies such as solar (thermal and photovoltaics), wind, biomass, geothermal, and other viable sources that are at the center stage. As part of the definitive pathways towards de-carbonization, investors, lenders, market players, and policymakers are increasingly becoming aware of the need for flexibility in the energy value and supply chain. This key area is a critical market segment wherein renewable power technologies are expected to play an important role in both front of-the-meter (FTM) and behind-the-meter (BTM) applications. Accordingly, renewable power is an attractive option to power generators, process plants, commercial and industrial (C&I), institutional, and residential facilities in reducing overall carbon footprint.

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Outdated perceptions: how energy attitudes are damaging customer wallets

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.

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Geothermal Energy: How it Works and Stacks Up Against Coal

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.

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How heat can be used to store renewable energy

Article | February 25, 2020

The effect that fossil fuels are having on the climate emergency is driving an international push to use low-carbon sources of energy. At the moment, the best options for producing low-carbon energy on a large scale are wind and solar power. But despite improvements over the last few years to both their performance and cost, a significant problem remains: the wind doesn’t always blow, and the sun doesn’t always shine. A power grid that relies on these fluctuating sources struggles to constantly match supply and demand, and so renewable energy sometimes goes to waste because it’s not produced when needed.

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Spotlight

Renewable Energy Caribbean

Energy is hotly-debated, misunderstood, and vital initiatives too often fall short. REC provides news, data analytics, insight and consulting for smarter Caribbean renewable energy projects. We bring over 20 years of combined technical, research, financial and strategic expertise in the public and private sectors, viewing the Big Picture through a uniquely local Caribbean lens.

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