UKRI notes BankEnergi goes beyond renewables
The BankEnergi project has been identified by UKRI, the new UK Research & Innovation body, as “going beyond renewable technology” to design a virtual power station that will deliver carbon reductions necessary to meet the UK’s climate targets.
BankEnergi has received £136,107 from UK Research and Innovation’s £102.5 million Prospering from the Energy Revolution challenge, part of the government’s Industrial Strategy.
The project will look at ways to manage energy demand and storage in order to enable local trading in ‘virtual power stations’. A peer-to-peer energy network will allow members to effectively trade energy with each other, creating a local economy and giving users the option to move away from big energy suppliers.
This decentralisation of energy management could help reduce carbon and financial cost within the community. It also means the energy stays local, creating a more efficient system and drive down costs for consumers.
“The innovation”, according to project lead, Rajvant Nijjhar, “is that we’re trading with each other to create a local economy. This allows us to keep the energy cost stable and to hedge against rising costs within the South Bank.”
Professor Graeme Maidment, Professor of refrigeration & air conditioning engineering at London South Bank University, added “BankEnergi is working with the grid, using renewable energy and taking advantage when there’s an abundance of energy to charge electric vehicles (EVs) and store energy for later use at peak times.”
For more information, please visit the UKRI website.