Open Energy Data has been saved
Open Energy Data
It’s time to unlock the power of Open Energy.
In a new world of changing regulations and the shift to drive better outcomes for consumers, the Consumer Data Right (CDR) is about to be applied to energy. With Open Banking about to start, the designation of the energy sector will place the power of energy data in the hands of the consumer. These regulatory changes create opportunities for energy companies and new entrants to move closer to their customers by increasing customer value, creating new solutions, and redefining competition in the energy market.
For immediate focus
In April 2021, Treasury announced that a peer to peer model (P2) will be adopted as the mechanism for data sharing within the energy sector. We now have an established timetable in place requiring the 'Initial Retailers' AGL, Origin, Energy Australia, and AEMO to comply with non-complex data requests from November 2022. The same group must be able to meet complex data requests by November 2023 and the remaining ‘Large Retailers’ must comply with requests by May 2024. Organisations should start preparing now. Companies who are prepared to navigate the changes, can meet the needs of consumers, capitalise on technology-enabled innovation, and leverage the opportunities that shared data creates will thrive.
Get in touch to understand how Deloitte can help your organisation embrace the opportunities of Open Energy.
Explore our Open Energy series to help you prepare for the changes:
Read more insights from our Deloitte experts:
- Consumer Data Right Bill passed: introducing open banking
- Reimagining customer privacy for the digital age: Going beyond compliance in financial services
- Data as an asset: Defining and implementing a data strategy
Updated: December 2021