Renewable vitality creates grid resiliency
Regardless of what fossil gas fanatics might inform you, extra fossil fuels will not be the reply. It’s necessary to notice that fossil-fuel turbines are much more vulnerable to extraordinarily chilly temperatures than renewable turbines.
In the end, the grid is finest served by a various mixture of superior vitality applied sciences. Wind, photo voltaic, vitality effectivity, and vitality storage — each distributed and large-scale — strengthen grid resilience and reliability. Not like fossil-fuel turbines which froze throughout the state of Texas final week, these assets have fewer mechanical elements to freeze or fail if correctly weatherised (that is why wind generators spin superbly in freezing chilly locations like Antarctica!). In addition they don’t depend on delivered fuels that may freeze or change into inaccessible throughout a disaster.
In actual fact, if there’s one factor we are able to rely on day-after-day, it’s that someplace, the solar will likely be shining and the wind will likely be blowing.
We count on to see elevated curiosity in residential photo voltaic panels coupled with battery storage on account of this occasion.
Vitality innovation is vital
As local weather change will increase the frequency and depth of maximum climate, occasions like final week will solely change into extra frequent, requiring forward-thinking, sustainable options fairly than a continued “business-as-usual” method.
Wholesale pricing is vital to constructing a sustainable grid and has the potential to revolutionise vitality. Dynamic pricing not solely motivates customers to make use of clear vitality when it’s considerable, however it is usually important for permitting extra battery storage to return on-line when it’s wanted most.
We realise, nonetheless, that sure occasions are unpredictable. Final week we noticed vitality costs bounce extremely, leading to huge vitality payments for wholesale clients. That’s why we’re working to introduce worth caps to guard our clients from system-wide collapse and astronomical vitality costs. We would like our clients to be ok with selecting wholesale vitality and know that they’re finally protected.
Personal corporations should not obtain authorities bailouts
There’s been discuss of authorities entities bailing out non-public vitality corporations in Texas. However, non-public corporations assume a sure stage of duty as a prepared participant of a free-market system. Due to this, they should handle their very own dangers and decide methods to finest serve their clients even when issues go incorrect. Authorities entities shouldn’t be required to rescue non-public firms once they’ve miscalculated, particularly as for-profit entities. To take action would create an ethical hazard — or lack of incentive to protect towards threat when one is protected against its penalties — for future occasions. As we see extra excessive climate associated occasions because of local weather change, it’s crucial that market gamers who’ve the potential to see large income ought to hedge their bets accordingly.
Beginning as we imply to go on
This was definitely an unbelievable approach to begin Octopus Vitality US’ journey in Texas. We’ll proceed to combating for purchasers and a greener future, lengthy after this disaster has handed. To be taught extra about Octopus Vitality US (or should you’ve discovered your approach to this web page from Texas and need to change your house) head to octopusenergy.com.
When you’ve got any questions or suggestions as to how we are able to make your electrical energy expertise higher, I’m all the time obtainable at michael@octopusenergy.com. We’re grateful to our fantastic clients in Texas and look ahead to constructing a less expensive and greener fashionable vitality grid collectively.
