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 August 2019, Australia started the move towards an open data economy as the Consumer Data Right (CDR) legislation was passed. When the energy sector is designated, consumers will have the right to share their energy data with third-party providers. The timetable for the adoption of Open Energy will be released later this year. 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:
- Open Data: What does it mean for the Energy sector?
- Beyond the energy transition: When the demand-side is demanding change
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
Published: October 2019