SP Energy Networks to create new online energy marketplace
SP Energy Networks are planning to work with Fife Council and other partners, to create a new online energy marketplace to trade people's electricity.
11th September 2018 by Networks
East Fife could become the testing ground for a new way of controlling people’s electricity supply and demand in a radical plan to keep energy costs down.
It is anticipated that the project, if successfully rolled out across the UK, could result in over £200 million of savings in electricity bills by 2050 and enable more local electricity generation to be connected to the grid for the benefit of local customers, businesses and communities.
The project, called FUSION, would see customers working with the company which sends them their electricity bill – or with another partner – to secure additional income from being flexible in terms of their electricity usage.
As well as being financially rewarded for their flexibility this would reduce the amount of money required in the future to build new grid networks needed to support equipment such as electric vehicles, local generation and heat-pumps.
East Fife has been chosen as a potential pilot area as it has a rich and diverse range of energy resources, including onshore and offshore wind, hydrogen and storage.
Colin Taylor, SP Energy Networks director, processes and technology, said: “Flexibility is key to the management of the electricity network of the future and SP Energy Networks is leading the charge.
“Being flexible with how we use and produce electricity will mean the power generated and delivered continues to meet demand but without the need for ever bigger power stations.”
“Our FUSION project is an exciting new way of helping to deliver that flexibility – one which will also give a financial incentive to customers to sign up and get involved and sell their flexibility – while still providing a reliable and secure electricity supply.
“For instance, a large factory may have its own electricity generation and energy storage. FUSION could allow the factory to decrease its demand on the network at peak times by generating its own power for a short period of time. And it would be rewarded financially for being flexible.
“The aim is to create a new competitive marketplace where communities and customers can take control of the demand and supply of electricity in their areas. The test will be in making sure the system is simple so that there is opportunity for everyone to get involved and to save money.”
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