Electric vehicle (EV) chargepoint firm Pod Point has become the first company to sell energy in the wholesale market under Elexon’s new P415 regulations.
Elexon, which manages the Balancing and Settlement Code (BSC) in the UK, recently introduced new wholesale market regulations that allow companies that are not energy suppliers to sell wholesale energy. The newly introduced P415 regulations mean that companies such as Pod Point can register themselves as a Virtual Trading Party (VTP), meaning customers can contribute to the flexibility market by charging their EVs at times of high supply and low demand on the network.
Pod Point has installed over 250,000 home EV chargers across the UK, providing the firm with a substantial number of customers who can help boost the flexibility of the UK’s grid. In recent months, the company has been working to encourage customers through its broader Energy Flex strategy, including through a partnership with energy supplier EDF and Distribution System Operator (DSO) UK Power Networks (UKPN). EDF customers who have Pod Point chargers installed at home will now be offered the opportunity to take part in a trial of a reward scheme granting them money off their electricity bill for taking part in flexibility events.
Melanie Lane, CEO of Pod Point, said: “Our entry into the wholesale market represents another important milestone in Pod Point’s Energy Flex strategy and creates further momentum in building recurring revenues for the Group.
“It’s another example of Pod Point taking the lead in Energy Flex as the first company to take advantage of this new regulation. Pod Point has delivered a huge amount of progress in Energy Flex over the last 12 months and we have further exciting plans for this emerging market in the next 12 months.”
New regulations seek to boost flexibility
Elexon has stated that this rule change will help to facilitate the decarbonisation of the UK electricity grid, as many of the independent aggregators who are now able to take part in the system represent consumers who are prepared to adjust their power consumption to aid in the balancing of the grid, but previously had few opportunities to do so.
Although other energy market mechanisms, including the capacity market and balancing services, do allow a customer’s flexibility to be offered by an aggregator independently from a supplier, this new change opens up more options for consumers seeking to gain from aiding in grid balancing.