Wolfe Power Club
The Wolfe Power Club Podcast is an exciting platform for exploring crucial topics in the energy sector! With a focus on investment trends, governmental policies, and the evolving landscape of energy consumption, it promises to provide valuable insights for both industry professionals and the general public.
Host Alex Wolfe's background as an Energy director and experience in opening the first HVO Truck Bunker in Britain undoubtedly brings a wealth of expertise to the discussions. By engaging with guests who possess diverse perspectives and opinions on energy-related issues, the podcast is likely to offer a well-rounded exploration of the sector's challenges and opportunities.
Every guest will answer the big 3 questions:
- Where are you investing in Energy Industry?
- What do you want from the Government?
- What do you want Energy Customers to do?
Wolfe Power Club
Time to grow by £27.8 billion? How does Smart Data Empower the Energy Consumer? | S1EP48
Last week, policymakers and industry leaders gathered at the Houses of Parliament for the official launch of Smart Data Group - a new industry-led organisation aiming to accelerate the rollout of smart data initiatives across the UK, with a particular focus on transforming the energy sector.
In this episode, our Director of Government Relations, Max Austin, reports from the event and speaks with key figures driving the smart data agenda. He interviews the UK’s first Smart Data Minister, former MP Paul Scully, along with Smart Data Group co-founders Richard Newman and Clare Ambrosino, to unpack how the newly passed Smart Data Bill aligns with Parliament’s goals and what it will take to deliver meaningful outcomes for energy consumers and unlock an estimated £27.8 billion in economic growth.
Smart Data Group is a comprehensive delivery organisation that empowers its members to design and implement smart data schemes while shaping and ensuring compliance with future regulatory requirements. By uniting data holders, third-party providers, service providers, regulators, and policymakers, it creates collaborative data-sharing frameworks that drive innovation and trust.
Call to Action:
- A focus on investment trends, governmental policies, and the evolving landscape of energy consumption, it promises to provide valuable insights for both industry professionals and the general public.
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Credits:
- Funk You, Abbynoise, Music from #Uppbeat (free for Creators!): https://uppbeat.io/t/abbynoise/funk-you - License code: 5CEYMJHNJPK0L1G5
- Flomp Beat, All Good Folks, Music from #Uppbeat (free for Creators!): https://uppbeat.io/t/all-good-folks/flomp-beat - License code: G9H2S0LXXPH5NCG2
Sponsorship:
Season One is sponsored by Aim Recruit – https://aimrecruit.com/
Aim Recruit is an expert recruiter for transport, logistics and energy positions.
Hi, it's Max from the Wolf Power Club, and today we've come to the Houses of Parliament to the launch of the Smart Data Group. Smart data has the potential to revolutionise the energy sector here in the UK, so we're going to hear from the first Smart Data Minister, paul Scully Big energy companies.
Speaker 2:We need to cut through that with the dynamism of innovation.
Speaker 1:And Claire Ambrosino and Richard Newman, who've just founded the Smart Data Group.
Speaker 3:It's a digital lifeblood for better services and more competition in the market.
Speaker 4:We've had our launch. Now it's about bringing together the ecosystem, so let's find out more so, paul.
Speaker 1:you were the first UK smart data minister. Why are you so excited about smart data and how do you think this is going to change the way people use energy in the UK?
Speaker 2:So I saw what happened with open banking, when government had to step in to mandate banks opening and liberalizing their data. And then we just think nothing now of not just internet banking but just exchange of data between app providers and innovators. And we can do exactly the same and more with the energy market as well. So if you are freeing up consumers to be able to share their data with energy companies yes, smart meters, but beyond that then the products can be more innovative, they can be more responsive to the public's needs, and there is a massive market out there. We reckon smart data is about £27.8 billion worth of market for UK innovators if we get this right, not just in energy, of course mentioned open banking.
Speaker 1:Having seen how that worked, what are the main lessons from open banking that you want to bring into smart data?
Speaker 2:so I think it's about co-creating solutions. It's about it needs to be market led, but with governments giving us the landscape to be able to further the market then to be able to fill the gap and to innovate. Government doesn't need to overly regulate it. Obviously it needs to make sure that it's safe and got the trust frameworks there. That gives reassurance for consumers and, of course, companies. But it just allows. If we allow businesses and government and consumers to come together and co-create solutions, we're going to come up with really effective products.
Speaker 1:You talked in the launch about public trust and you've been a minister, you've been a frontline politician and you know more than anyone that good ideas don't necessarily translate into vote. Winning solutions don't necessarily translate into vote winning solutions. How do you think you build public confidence, public trust in smart data and particularly giving people the assurances over how their data is going to be handled, equity of access and all that sort of regulation?
Speaker 2:Look, people give away their data each and every day when they agree to a set of terms and conditions on the internet, if it's important enough for them. First of all, we've got to make sure that people see how important, how useful the products that arise out of smart data are for them on a day-to-day basis. But you're right, we need to give them trust as well. So that's what I mean. Government needs to have a light touch in terms of regulation, not in terms of how firm it is about protecting people's data. But you just don't want to be creating a regulator after regulator which just adds a complex web. People need to understand how the process works and where their data is going. It's not being shared out of the country. It's staying within the, the organizations that they've agreed to, and it's not being used for other things. This isn't some sort of super government ID card or anything. It's just enabling consumers to get a better deal.
Speaker 1:So, looking overseas, we heard in the panel about Denmark 98% coverage on smart meters. Are there particular countries that you look towards? I think the UK can copy, whether it's on regulation or how it's engaging with the sector. I think the UK can copy whether it's on regulation or how it's engaging with the sector. And I suppose the follow-up to that is what if we don't do this? What happens to the industry and what does that mean for the UK in an international comparison?
Speaker 2:Yeah. So I would give the example of India, again, going back to the open banking days, where we were sort of relatively slow, but then were world leaders for a while. In open banking we were slow because we have a 200, 250 year legacy of very traditional banks, uh. And similarly, now we've got these big energy companies. We need to cut through that with the dynamism of innovation. But it's actually getting them to to catch up to the possibilities, whereas in india they didn't have that legacy, so actually they almost just went to of innovation, but it's actually getting them to catch up to the possibilities, whereas in India they didn't have that legacy, so actually they almost just went to the end result.
Speaker 2:So they came up with what they call a MOSIP ID. It's basically a digital identity. It allows them to process financial transactions at almost zero cost, and they've stolen a march on us, and so now they're able to. They've not just caught up with us, but they've us, and so now they're able to that they've not just caught up with us, but they've overtaken us. They're able to roll out their program to developing countries, but even countries like France are looking at using their system. We want to make sure that, first of all, we can get the smart data working, but then we continue to innovate. We don't just stand still, like and that's always the risk with these big systems- One final question.
Speaker 1:We put you back into government. You return as the smart data minister. What's the one thing that you'd like to see the government do to help the growth of the smart data industry, to help smart data group, et cetera? What would be your one policy ask?
Speaker 2:It's not legislation, because we've got the Data Use and Access Bill, that's just got royal assent, and so that gives us the landscape, that gives us the ground floor. Now what I would do is bring all the companies that are within the scope of smart data innovation and say right, let's see what more we can do, let's listen to you, what more we can do as government to help you with a market-based solution to give consumers what they want through really an innovative platform, because that's going to help the growth of the UK, it's going to help customer trust and it's going to help those companies the energy companies use their energy far more efficiently. So it's all there already. It's just using governments, the way that we can bring people together.
Speaker 1:Basically, Claire Richard, thank you for coming to speak to the Wolf Power Cup podcast. We've come today to the House of Commons to attend the launch of the Smart Data Group. More on that in a minute. But first of all can you just explain to me what is smart data and why does this matter?
Speaker 3:So smart data is the standardised sharing of information in a secure way with your explicit consent. It's a digital lifeblood for better services and more competition in the market. So imagine effortless services, effortless management of phone and energy bills. You can switch when better deals arise and it's ultimately a public good.
Speaker 1:So, Richard, the Smart Data Group. Why have you set this up? What do you see as the opportunity?
Speaker 4:So the Smart Data Group essentially will be a convening body that we look to work with both industry and government, so public-private partnership in order to basically drive forward data sharing schemes. We're at the forefront of the data sharing revolution in the UK with the Data Use and Access Bill achieving royal assent just today actually, so it's a truly momentous day.
Speaker 1:Here in Parliament, here in.
Speaker 4:Parliament. Yes, exactly, and what we want to do is work with data holders so they're basically your energy providers, your telecoms providers and help them realize what the potential is for data sharing for them, but then, in addition to that, what the benefits is for data sharing for them. But then, in addition to that, what the benefits are for their customers and how they can leverage data sharing schemes. Build them, whether they're commercially led or regulatory driven. Build them for a public good, to help them increase their productivity and also be commercially viable and sustainable. What we do want to do is ensure that all of these schemes are commercially sustainable, and that basically means aligning the interests of the people who hold our data the interests of us as individuals who own the data, and then also third parties who will do something with that data to our benefit.
Speaker 1:So we're speaking at a time where there are growing concerns about the costs of energy and this is obviously an energy-focused podcast. But how do you think this will help practically help families manage their bills and reduce energy waste in the home?
Speaker 4:Yeah. So what we don't want to do is duplicate efforts that are already being made. So there is quite a lot of work going on by government, by the regulators in the energy sector, to come out with different frameworks in which to help customers consent to the sharing of their data. So consent models and then also trust frameworks in order to allow that safe transfer of information. What is missing is the commercial use cases, and that's what we will want to do work with the industry to come up with the use cases, because government regulators and even smart data group and ourselves don't have the answers. The use cases and what true value we have in data sharing will be driven by the people who actually hold the data and understand what the needs of their customers are.
Speaker 3:And I think what we're really excited about is the collaboration cross-sector. So there's incredible innovation going on. We were just at the Smart Data Forum last week and they were talking about this example of Japan and how they're seeing how they are able to help the elderly, for example, in the time of need, so they can identify when they're using less energy at home so perhaps not making as many teas as usual and those trends can really help identify when people in need might need some help. So there's so much innovation going on and we're really excited of the kind of use cases and examples that can be created with these new smart data schemes.
Speaker 1:We've touched with your chair on the sort of the dividing line between celebrating and fostering innovation and balancing that with reassuring the public on concerns of access to that data. Can I ask you both you've both come from open banking, referenced in your launch as a bit of a precursor to what you're trying to do with smart data what are the main lessons you or main reflections you have on open banking that could be useful for the smart data and the smart data group?
Speaker 4:Yes. So one thing that we were responsible for at Open Banking was the promotion. So what is needed is and what we've seen in Open Banking is, without people actually understanding what the benefits are to them, then there won't be adoption, and obviously we want these schemes to be adopted if they are going to offer true value to end users. So one thing that's important is to basically tell people what the benefits are, so there's different audiences. So convincing end users that the schemes that I come up with and the propositions will deliver them real value.
Speaker 4:Working with the industry to ensure that they understand that it's not just a compliance cost, data sharing. It is an opportunity for them to make money, because essentially, that's what these private companies want to do we do live in a free market economy and then also working with government to fulfill their aims. So we worked with. One thing that was great at open banking was the collaboration. So we worked extremely closely, and not just us. We fostered the open banking ecosystem to work with government regulators and other stakeholders that are relevant to the development of smart data schemes and data sharing economy.
Speaker 1:basically, what happens if we don't do this? What's the risk, particularly in the energy industry? Whether it's to economic growth here in the UK, international competitiveness. What if we?
Speaker 4:don't do this. So if we don't do it, we don't make progress. We don't live in an analogue world, we live in a digital world and it's time for us to leverage what we've got. Data is a powerful tool and without understanding data, without maximising its potential, it's a wasted opportunity, and I don't think the UK, businesses or government or anybody else us as individuals want to lose that opportunity. I don't know if, claire, you've got anything.
Speaker 3:What we saw in open banking. So the main banks saw a rise in fintechs and a rise in competition in the market, and the same thing will happen for different sectors. So the energy market will see the rise of energy techs. But this is not just a challenge for energy companies. It's an opportunity to really identify smart data schemes before this competition arrives and really lead the way in what kind of schemes they want to see developed. And the biggest innovators in the banking sectors were the ones that were able to thrive the most, and it's that innovation that really brings customers and brings trust in the sector.
Speaker 1:What next for the Snort Data Group? You've had your launch in Parliament.
Speaker 4:Yes. So we've had our launch. Now it's about bringing together the ecosystem. So we want to start, like we did with open banking start building out the ecosystem, because without the ecosystem behind us, then we can't create the schemes that we want to create and bring value to the economy, to end users and to businesses themselves. So it's now about building that coalition, having people join as members to then help us discuss what use cases, what propositions can we effectively build. So it's not just even the scoping and the working, the design of these smart data schemes with the industry. It's then delivering them the scoping and the working in the design of these smart data schemes with the industry. It's then delivering them. Because I think that's what's been missing up until now there's a lot of talk, but we want to actually deliver schemes to market.
Speaker 1:Just one final question. I'll ask the same to your chair. If you were in government or you had one ask of the government at the moment to support smart data, support the work of the smart data group as you grow, what would?
Speaker 4:that be for me. It's definitely setting clear expectations to the market. What does government expect from data holders? Because what you've got to remember is yes, the energy companies own our data, but it isn't their data, it is our data. There is this. There's a phrase that we used to use in open banking the democratization of data the energy companies own our data, but it isn't their data, it is our data. There's a phrase that we used to use in open banking the democratization of data and I think we truly need to live that word. It is our data and I think industry will soon realize that.
Speaker 3:It will benefit them by unlocking its potential. Yes, I agree with what Richard just said. I think clear timelines would be great, timelines that will set a deadline for energy companies and other sectors to start delivering smart data schemes and creating momentum. And we're really looking forward to working with the Smart Data Council, who we know are planning to promote timelines for the sector. So really looking forward to working with the Smart Data Council and DBT and the rest of government to really deliver smart data schemes for the market.
Speaker 1:So there, you've had it. We've heard how smart data has the potential to revolutionise the energy industry here in the UK, how it can unlock innovation, how it can empower consumers and support the energy transition. So watch this space as we track the progress of the smart data group and the impact that smart data will have on the energy industry across the United Kingdom. Thanks for listening.
