Perseus is supporting UK SME decarbonisation efforts by unlocking green finance from banks and lenders. It does this by automating access to assurable data to support lending decisions and related sustainability reporting. The Perseus pilot represents a huge step towards automating reporting for UK SMEs, bridging the gap between the real and financial economy.

In this Q&A, we speak to Jane Lucy, CEO at Perse about the Perseus pilot. Jane highlights how Perseus is creating a movement that goes beyond the energy sector whilst communicating the value of opening access to data. 

Ross: Hi Jane, it would be great to start our conversation by getting a better understanding of what Perse does?

Jane: Perse is a data Infrastructure company in the energy and carbon markets. We provide data services that relate to our connectivity to every single meter, building, and generation asset in Britain. We’ve tackled a number of technology and legal challenges when it comes to unlocking access to data. These have been demonstrated across a variety of use cases from energy procurement, demand flexibility services for the National Energy System Operator (NESO) and work in the carbon reporting space for major land owners like the Crown Estate. 

Ross: You mentioned meters there, could you speak to the value of Smart Meters in driving our net zero efforts?

Jane: Smart meters provide timely data and help to optimise the grid, enabling network operators to identify where demand flexibility is needed. Granular data can also inform the suitability of different measures to improve the carbon intensity of buildings, such as heat pumps and solar PV. We’ve led the technical and legal aspects of the Smart Meter Data Repository Feasibility project for DESNZ, looking at recommendations to ensure smart meter data is more accessible for driving net zero efforts. 

It’s worth noting that, at Perse, we support all meter types—not just smart meters but also analogue and advanced ones. This allows us to cater to a wide range of customers, be it domestic, retail, SME, micro or corporate entities. But half-hourly data is key and, while decarbonisation in the electricity market has progressed, the gas sector remains a significant challenge. This is the area that needs the most amount of work and it will come down to half hourly data to fully understand what the electrification of gas will look like and how we can best drive returns on investment. 

Ross: Where do you see the value in the Perseus pilot?

Jane: Perseus is creating a movement that goes beyond the energy sector. It has the ability to communicate the value of opening access to data and the impact that has on accelerating our net zero transition. Increasing awareness that this kind of data exists is a big part of the benefits for us. 

What’s more, Perseus highlights use cases beyond energy. The energy industry has been, traditionally, very inward facing. So it’s good to highlight how crucial energy data is to the wider net zero transition. Stakeholders in the energy market have been slow in their recognition of how important this is. 

Another key area is exploring alternatives to current consumer consent processes. While existing Smart Energy Code mechanisms are being used in the pilot, they can be high-friction. The pilot has provided a platform to test new approaches, which I believe will gain approval in the near future.

Ross: What would you like to see in future iterations of the pilot, as Perseus develops? 

Jane: The Gas sector will be crucial in future iterations. Expanding the scope to incorporate other meter types will be equally important as the majority of stakeholders rely on a variety of meter types beyond smart meters. This can be done quickly because Perse has already built the solution. 

Ross: What’s your experience working with SMEs and getting them to engage with this kind of work? 

Jane: With Natwest, we created a product targeted at their business customer base. But my take from Perse’s work, more widely, is that it can be harder to get engagement from smaller businesses when they aren’t subject to mandatory reporting requirements. They may only participate if they’re part of the supply chain of a larger company or if they need to meet contract conditions. 

For instance, you can’t tender a government contract without having a net zero strategy. So, although engagement in the SME sector has been slow, I think we are at an important time in creating a shift and greater realisation of the importance of having this data and having a net zero position for their company. 

Today we need to be cognisant that SME’s main concern is often the cost of energy, with this coming before carbon intensity in their priorities to address. Potential solutions to help address this could include, for example,  shifting tax away from electricity tariffs to gas tariffs. This could help make things like heat pumps more cost effective. At the moment, environmental taxes are applied to electricity, which seems misplaced as users engaged in their net zero plans are often already sourcing their electricity from renewables.