The HM Treasury’s and Department for Business, Energy & Industrial Strategy (BEIS) initiated a consultation focusing on innovation in utilities, with the aim to “ensure our system of utilities regulation is fit for the future.” As an innovator of technology that will radically transform the market and with a growing global presence, Faraday Grid is keen to engage in the conversation and submitted a response to BEIS, which can be accessed here.
The Institution of Engineers in Scotland (IESIS) published a report, Engineering for Energy: A proposal for governance of the energy system. IESIS claimed that changes to the energy supply, such as an increased amount of renewable energy onto the electrical grid, could result in “cost escalation, increased incidence of power cuts and prolonged reinstatement of supply”. IESIS also called for the introduction of a “National Energy Authority… to ensure the provision of fit for purpose energy infrastructure.”
In response, Faraday CEO Andrew Scobie says that only radical change of the electrical grid will deliver the low carbon future we all desire, arguing that innovation, not more bureaucracy, will enable sustainable prosperity for all.
In this response to Greg Clark MP, Founder & Chief Technology Officer Matthew Williams and Chief Economist & Head of Government Affairs Richard Dowling together challenge the idea that the Energy Trilemma is “over” and examine how greater amounts of renewables will affect energy security and energy equity, should there be no change to the current grid.