Almost three quarters of people in the energy sector are finding it hard to keep up with new technological developments such as blockchain, cloud and big data.

Research for the Future of Energy Trading report, by energy trading and risk management company Contigo, also found more than half of respondents believe many trading businesses do not have the systems in place to meet all the demands of the changing energy market place.

It also found 71 per cent of those involved in energy trading believe that changes taking place are creating exciting opportunities.

Also in the research, increased renewable generation was highlighted by 64 per cent of respondents as one of the changes likely to have the most impact on energy trading over the next five years.

Tim Rogers, head of sales and business development for Contigo, said: “While the market is undoubtedly challenging, advances in technology can assist businesses in their focus on efficiency, agility, fast-access to data and the handling of regulatory requirements.”

The majority of respondents (69 per cent) believe spread-sheets are not sufficient to manage the demands of the energy sector. The research shows 62 per cent of respondents expect more trading systems to be hosted in the cloud/software-as-a-service over the next five years.

The survey included the views of energy traders, senior managers, consultants and IT managers working in organisations including energy retailers, energy wholesalers, consultancies and energy generators in the UK and Europe.

Contigo has also published a white paper on the changes impacting on energy trading and what businesses need to consider to future-proof their systems. It covers topics from pricing volatility, to the move to day ahead and intraday trading, as well as regulatory changes.

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