Bank Energi 3 takes over from earlier project phases

The BankEnergi consortium have been awarded UK Research and Innovation grant funding by the government’s ‘’Prospering from the Energy Revolution’’ (PFER) fund 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 BankEnergi concept can be applied wherever there are clusters of assets suitable for local energy trading.  As well as its base on London’s South Bank, it is working closely with a project based in Islington looking at smart heat networks, called GreenSCIES (Green Smart Community Integrated Energy System).

Following the successful completion of the first phase of the BankEnergi project funded through PfER, the team is continuing to refine the BankEnergi concept.

At a workshop sharing progress on the BankEnergi project, speakers – including Simon Hughes, Chancellor of London South Bank University – outlined how local energy systems can improve air quality, lower bills for organisations in the area, and help foster community engagement.

On 5 June 2019, World Environment Day (WED) has Air Pollution as its theme. Through its work on heat pumps and EVs, the BankEnergi team are working to improve air quality on London’s South Bank.

BankEnergi has been singled out as one of the projects to watch that are funded by the Government’s Prospering from the Energy Revolution (PFER) initiative by New Power, a leading trade publication.

In its report published today, the Committee for Climate Change wants the UK to adopt a policy of zero emissions by 2050. To achieve this result it will need innovative projects such as BankEnergi.

The BankEnergi project has been identified by UKRI, the new UK Research & Innovation body, as “going beyond renewable technology” to design a virtual power plant that will deliver necessary carbon reductions.

BankEnergi has a vision that businesses and residents on the South Bank will be able to achieve bankable energy and carbon savings through a combination of demand management, energy storage, renewables and peer to peer trading. So where does Energy Storage fit in the merit order?

BankEnergi are delighted to be speaking at the Energyst Event being held on 1 May 2019 at the National Motorcycle Museum, Birmingham.