BankEnergi - end to end software for energy trading

Our project will focus on the development of a specification that the energy sector (end users, energy suppliers, traders, technology platform providers and associated ancillary services) can use to create an end-to-end trading solution from local building level to national energy markets. This will enable organisations of all types and sizes to realise maximum energy and cost savings through the use of an innovative trading platform, whilst also reducing the need for costly grid reinforcement by better balancing available energy demand.

Currently, there are many suppliers responsible for supplying energy to buildings. They need to keep their energy supply balanced with individual site needs and demands, which in turn can impact the National Grid and the amount of energy needed to be generated at any time.

Each energy supplier has their own systems and approaches to maintain this equilibrium. Our project will develop a common framework specification for the key technology integrations required to enable trading between energy suppliers and among their customers from local to national level.

This specification will also create opportunities for energy bill reductions of up to 25% by optimising the use of energy in the whole system by better balancing demand and supply at a local level and by developing multiple microgrids. The innovative key technology component will be the specification of the integration between local and national electricity markets across a number of different energy suppliers using a common process. Our solution will have the ability for different buyers and sellers of energy and flexibility to trade using a common interface.

A common set of standards harmonising the disparate processes that are emerging will give confidence to end users in industry, commerce and the public sector. With increasingly intermittent generation, such as wind and solar, and unpredictable charging by electric vehicles, greater optimisation and more accurate forecasting will be required throughout our whole energy system, reducing risks from unplanned power cuts and costly reinforcement of local energy supply networks.

The project will consider upcoming regulatory changes to the marketplace when designing the common specification and approach. This project is about liaising with the key organisations in the energy system to develop a common set of processes, to deliver huge energy cost savings to consumers across the UK, with great potential to export this approach globally.