BankEnergi 3: An End to End Energy Trading Framework
A consortium of eight partners have been awarded UK Research and Innovation grant funding to develop an end-to-end energy and flexibility trading specification. This will assist the transition to a low carbon economy by enabling smart local decentralised energy trading systems.
The grant is from the government’s £102m ‘’Prospering from the Energy Revolution’’ (PFER) fund, with this funding call aimed at the key technology enablers. The BankEnergi project previously received £140k of funding in the initial design and concepts study, and had just received another £340k to develop the industry standard for an end-to-end energy trading.
At the end of this project, the consortium will have established the connectivity between different data platforms enabling energy trading from a Virtual Power Plant, all the way to flexibility and energy trading in the long and short-term wholesale and flexibility markets. The consortium will identify the interfaces needed to maximise the trading opportunity for each asset or building owner.
The project is led by Consortio Limited, who also led the successful design and concepts study in London’s South Bank.
Rajvant Nijjhar, the project lead said:
We are excited to be taking our initial research in London’s South Bank that one stage further. During the design and concepts stage, we identified a number of constraints and considerations when it comes to local energy trading. We are delighted to be able to test our end-to-end solution in a real-world scenario to provide our industry and end-users with real practical solutions to combat climate change and optimise the generation, distribution and use of energy in our energy system.
Chris Clarke, Wales & West Utilities Energy Strategy Director said:
We’re excited to be part of this project. As the gas network for Wales and south west England, we have significant experience in whole systems research. We look forward to working with the other project partners to help assess the impact of the trading solution on peak energy demand and identifying the contribution BE3 could make towards Net Zero.
BE3 brings together experts from energy demand management, energy supply, regulation and compliance, information technology and artificial intelligence. The team will liaise with key organisations across the energy system to develop a common set of processes, enabling substantial energy cost savings to consumers throughout the UK, with great potential to export this approach globally.
Aditi Tulpule, Director 4D Energy Advisory Limited neatly concluded:
The energy industry is undergoing incredible transformation. In much the same way as the retail industry moved from the high street to digital almost overnight, the energy industry is moving from a centralised generation driven market to a decentralised and flexibility driven market. Flexibility platforms will be critical to help the new market deliver energy optimisation while ensuring decarbonisation of the grid.