Piclo secures £562k of funding from the Department of Business, Energy & Industrial Strategy (BEIS) to launch the world’s most ambitious flexibility market trial.
The £1.25m project will demonstrate how an independent marketplace for flexibility will play a crucial role in the decarbonisation of the UK economy. The project is to be trialled nationwide in collaboration with all UK DNOs, National Grid ESO and the 250+ flex providers registered on the Piclo Flex platform.
Building on the success of their marketplace for Distribution Network Operator (DNO) flexibility services, Piclo is expanding the platform into an online exchange for buying or selling any type of flexibility product. Similar to other online marketplaces - like eBay – users on the platform will be able to search for and bid into a variety of different products – including DNO flexibility services, secondary trading of National Grid ESO ancillary services and flexible-power purchase agreements.
The UK Government has committed to deliver a net zero economy by 2050. The electricity system is quickly transitioning away from a centralised one, managed by a few players, towards a decentralised and democratised “internet of energy” that will rely on the smart and flexible output from 100 million assets connected at the grid’s edge, such as solar PV, batteries, electric cars and smart consumption devices.
Minister for Energy and Clean Growth Kwasi Kwarteng said:
“If we are to end our contribution to climate change by 2050, it is vital that we explore innovative methods to integrate low carbon sources into our energy system...building an online marketplace where households and businesses can trade flexibility will make our system more efficient and reduce energy bills.”
James Johnston, CEO and Cofounder of Piclo says:
“This project marks the beginning of a very exciting phase for Piclo. It draws on our experiences of running the UK’s leading platform for DNO local flexibility procurement and our prior experience of developing the UK’s first peer-to-peer local energy trading platform. I believe the Piclo Exchange will be a game changer for the UK electricity system, providing participants with a first tangible glimpse of what systems and platforms will be required to run a democratised and decentralised net zero energy system.”
The Piclo Flex Exchange project is running until March 2021 and will be in active trial mode from later this year. To register interest in participating in the Piclo Exchange, email the Piclo team at exchange@piclo.energy.