As the UK makes a strategic pivot towards zero carbon emissions and a green economy, we can expect a flood of regulatory changes to support the government’s vision towards cleaner energy.
However, this presents a challenge for all firms dealing with the energy industry on how to keep up with the latest regulatory updates and meet demands while still operating efficiently enough to attract investors.
For decades providing energy at affordable rates was the primary goal of energy regulators and energy organisations. However, we can expect regulatory changes to be more ambitious in the future, which places pressure on companies to respond to updates rapidly.
Given how times are expected to change, having systems to optimise and better manage energy regulation compliance would be a prudent move.
Hence, why regulatory intelligence software could be critical in the long run. It could make the difference between an organisation that lags behind regulatory updates and one that can keep up with the latest publications.
Resolving energy regulation challenges with regulatory intelligence software
Anticipating how regulatory updates would affect company operations is difficult.
To meet the UK’s ambitious goal of carbon-free energy, key regulators, BEIS and Ofgem have proposed an independent Future System Operator (FSO) to support a long-term transition to green energy.
The system is expected to make radical changes to a variety of roles and functions, ranging from energy market design to system planning.
We can expect regulatory updates to reflect the goals set out by FSO. Still, it is difficult to anticipate what type of updates are expected and how this would affect organisations.
Under normal circumstances, this would place organisations in a difficult position; however, regulatory intelligence software could remedy the solution.
Unlike most solutions, regulatory intelligence platforms allow businesses to collect data from different sources and analyse it to map regulatory rules to business workflows. This enables businesses to map updates to internal workflows, accelerating the organisation’s ability to keep up with the latest updates.
Operating efficiently to justify the long-term investment
For the energy industry to meet the country’s goals for green, carbon-emission-free energy, organisations should be able to attract investments.
Cash flow injections through investment will be critical in the coming years, as energy organisations make ambitious changes to their infrastructure to meet consumer requirements.
However, to attract this investment, there should be substantial evidence to prove that you can keep pace with the level of regulation while also proving that this is a worthwhile industry to invest in.
This means improving efficiency in compliance and making rapid adjustments to workflow to meet regulatory requirements.
This is where regulatory intelligence platforms could be critical. These platforms can automate vital operations to improve responsiveness to regulatory updates while streamlining processes to remove obstructions and raise productivity.
Regulatory intelligence can turn complex, time-consuming processes into swift, efficient procedures, transforming energy regulation into an agile and responsive process.
Better compliance processes provide plenty of incentive for investors to facilitate long-term growth due to the assurance that you are following best practices, avoiding compliance fines, and maintaining transparency in operations.
Accounting for emerging policy requirements
To accomplish the UK’s goal of net-zero carbon emissions, they would have to make several changes to energy policy but determining when those policy updates come is incredibly difficult to foresee.
While Ofgem is the biggest regulator in the UK, there are other regulators that organisations must comply with, and determining when these updates are coming and on what scale they are taking place is incredibly challenging to pull off.
This is where regulatory compliance solutions can make a difference. For example, intelligence software can scan for the latest updates from regulatory institutions and inform individuals within the regulatory compliance team when the need arises.
Moreover, regulatory software allows you to keep up with the latest updates and incorporate them into business operations without disruptions to your operations.
Meeting energy compliance requirements with regulatory software
With the UK launching ambitious regulatory changes to achieve a new green economy, you may need to be smarter and more efficient about the best way to keep up with the latest regulatory updates.
Regulatory intelligence software is critical for ensuring that you can meet the rapid developments that will change the energy industry in the future.
Regulatory compliance solutions are driven by automated technology. As a result, they can optimise the regulatory process, which could be critical for keeping up with the relentless pace of regulatory updates expected in the next few years.