BEIS announced the first winning projects of its FleX competition on 26 February, which calls for innovative and replicable flexibility exchange solutions.
Project TraDER, led by Electron, has been awarded £1,604,264 in funding. Its will be the first project of its kind to scale a flexibility exchange that optimises renewable energy integration into the UK’s energy markets. The company said the market will go live first on the Orkney islands, as “renewable energy generation often exceeds grid capacity, creating a huge opportunity for flexibility”.
The other project – Piclo Exchange, awarded £561,727.06 in funding – aims to show how an open flexibility marketplace can play a crucial role in the decarbonisation of GB’s economy. Participants will be able to trade in primary and secondary flexibility markets at both a local and national level.
Both projects are expected to be operational by March 2021.
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