Open Energi has joined a consortium lead by Electron, a leading energy blockchain company, to co-develop a commercialisation model and the initial product set for Electron’s decentralised flexibility trading platform. This follows the announcement of September last year that Electron received BEIS funding to continue development work of the platform, supported by National Grid and Siemens.
Open Energi, Baringa, EDF Energy, Flexitricity, KiWi Power, Northern Powergrid, Shell, Statkraft and UK Power Networks have teamed up with Electron to tackle the challenge of energy flexibility and to codesign a vision for the future of UK energy.
The system operator, government and industry experts have all highlighted flexibility as one of the key solutions to address the significant challenge of ensuring cheap, clean and reliable energy. They have set bold targets for a whole system review and for increased flexibility uptake (National Grid, System Needs and Product Strategy,
2017; BEIS & Ofgem, Smart Systems and Flexibility Plan, 2017).
Electron believes that a large, liquid and collaborative flexibility market is crucial for achieving these targets, and ensuring the ongoing decarbonisation, digitisation, democratisation and decentralisation of the energy market.
The objectives of the consortium are threefold:
- Incorporate the specialist knowledge and know-how of a diverse collection of
- Develop the framework for a fit-for-purpose platform for the rapidly evolving
- Enable co-ordinated and collaborative trading of balancing and other grid
Paul Ellis, CEO and co-founder at Electron, comments: “We are delighted to have established a forum for industry participants to work together to make transactive flexibility something that is real and relevant. We believe that blockchain has the potential to catalyse some of the changes required to move the energy system from
analogue to digital. By working together, we recognise the current system needs to be changed and we are designing a system for present and future market participants.”
Sebastian Blake, Commercial Manager at Open Energi, said “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.”