Blockchain firm Electron has created a coalition of the willing to develop its trading platform for energy flexibility.
Baringa, EDF Energy, Flexitricity, KiWi Power, Northern Powergrid, Open Energi, Shell, Statkraft and UK Power Networks will work with the firm to develop a fit-for-purpose platform that enables collaborative trading.
Siemens and National Grid are already involved in the programme.
The group outlined their intentions in a joint statement, pasted below:
Paul Ellis, CEO and co-founder at Electron: “We are delighted to have established a forum for industry participants to work together to make transactive flexibility something that is real and relevant. By working together, we recognise the current system needs to be changed and we are designing a system for present and future market participants.”
Nick Tallantyre, partner at Baringa: “As our electricity system becomes increasingly decentralised, it is vital that we find more effective and more transparent mechanisms for market participants to offer and trade flexible assets. Blockchain represents an innovative, new framework on which such a flexibility market could be created and we are excited to work with the industry to design such a solution.”
Chris Regan, head of business development at EDF Energy: “Our approach for customers is about extracting the maximum value for every kW of their flexibility. This lowers the overall cost of balancing the systems, thus reducing the overall costs to UK consumers. We are excited to be at the centre of this new paradigm, partnering new entrants and setting the direction of a decentralised flexibility market.”
Flexitricity’s founder & chief strategy officer, Alastair Martin: “Flexitricity’s job is to take energy users’ flexibility to market, and monetise it for them. This project is an imaginative new market that could tie together several different value streams, and open up some new ones. We’re excited to be involved.”
Yoav Zingher, KiWi Power’s CEO and founder: “Open and transparent markets are of vital importance to secure the most efficient, flexible future for electricity markets. We are excited to be part of a leading project to bring markets for flexibility forward into the 21st century.”
Jim Cardwell, Northern Powergrid’s head of trading and innovation: “The development of the blockchain technology is seeking to provide the commercial infrastructure to support a wide variety of future market models for energy and network services. This collaboration complements our wider portfolio of activity outlining our transition to the new role of distribution system operator and investment in enabling grid technology that delivers value for our customers.”
Sebastian Blake, commercial manager at Open Energi: “The energy industry is in the midst of a paradigm shift that is revolutionising how electricity is supplied and managed while accelerating the UK’s transition to a low carbon economy. Secure and transparent marketplaces for flexibility are fundamental to this transition, and will remove market barriers, empower consumers, and finally level the playing field between large power plants and smart, distributed on-site capacity.”
Dale Geach, technology and innovation manager at Siemens: “Seeking to solve the inherent issues of collaborative trading between multiple customers will unlock real value for stakeholders in the energy system and facilitate a much needed and efficient route to market for distributed energy resources offering demand side response services. We are excited to be supporting this project and exploring the potential impacts and benefits of decentralised electricity flexibility markets.”
Brian Lonn, downstream development manager at Statkraft: “As Europe’s largest generator and marketer of renewable energies Statkraft is a major buyer and seller of flexibility. To us the prospect of a new and efficient marketplace for flexibility has a natural appeal.”
Sotiris Georgiopoulos, head of smart grid development at UK Power Networks: “We see flexibility as key to delivering value for customers in the future energy system. Harnessing energy flexibility through technology will enable us to increase participation in the rapidly-evolving electricity market”.
Electron is holding a hackathon in London next week for developers and energy specialists to explore the potential of blockchain in the energy sector.