Is data the white elephant in the Smart meter room?
Smart meters are so smart they could end drowning the industry in data. A recent article from Datanami highlights that just 200,000 customers over a 3 year period generates 5 billion lines of data. Putting this in context, for a utility company with half a million customers there will be a 3000-fold increase in the amount of data that has to be gathered, stored and analysed in near real-time. Fortunately, there are tools out there that can process this volume of data, Lavastorm being one of them.
This does mean an added headache for individual companies on not losing focus on data through its Smart programme plan, its ability to scale up for the massive influx of data, its data governance, and what Ofgem will expect to see of that data as the industries regulator and how the industry is using the data.
To help meet the 2020 climate and energy goals it is essential that the industry harness and analyse this data to help change consumer behaviour and purchasing habits.
Changing consumer habits will not be easy but now with the data from Smart meters the industry should be able to offer different rate plans to suit different consumer segments, shaping purchasing habits.
Smart meters and the data they generate will be a key player in changing consumer behaviour and therefore helping hit the 2020 climate goal.