BankEnergi

Summary: impacts and findings

This project developed common processes to integrate local and national electricity markets across different energy suppliers. The solution enables different buyers and sellers of energy and flexibility to trade using a common interface.

Project aims and approach

In recent times, the many suppliers of energy to buildings have been developing their own approaches and systems for balancing energy supply with individual site demands.

The BankEnergi project developed a software specification that the energy sector can use to create an end-to-end energy trading solution, from local buildings to national energy markets. This includes a framework for the technology integrations needed to enable trading – both between energy suppliers and among their customers.

This project, in the ‘key technology components’ strand of the Prospering from the Energy Revolution programme, was a further development of a concept design project funded by the programme in 2019.

Titled BankEnergi – providing local energy systems for the London South Bank community, the earlier project was led by Consortio and was awarded around £136,000 of funding. Partners included Bouygues E&S FM UK, Building Sustainability Services, King’s College London, London South Bank University, Qbots Energy and South Bank Employers Group.

Following the success of that project, a new team was formed, also led by Consortio, to refine the concept and take it to the next stage with the potential for sector-wide application. The new project was titled BankEnergi – end to end software for energy trading, or BankEnergi 3.

The core of BankEnergi was the specification of a common process to integrate local and national electricity markets across a number of different energy suppliers. The solution enables different buyers and sellers of energy and flexibility to trade using a common interface. This common set of standards helps to harmonise the various processes that are emerging and give confidence to end-users in industry, commerce and the public sector.

The vision of BankEnergi is to enable ordinary asset owners and producers of energy to access the UK energy markets. At the same time, such trading platforms have the potential to enable greater optimisation and more accurate forecasting, help balance demand and supply, reduce the need for costly grid reinforcement and help maximise savings in costs and CO2 emissions.

During the project the team tested its energy trading platform on five sites in the South Bank area of London – including healthcare, commercial and government buildings and South Bank University. They also worked closely with the GreenScies project.

The team’s ultimate aim is to export the model to other regions and cities, nationally and globally.

Partners

• Consortio (lead)
• 4D Energy Advisory
• CarbonTRACK
• E.ON UK
• Fintricity Group
• Ibeccs
• London South Bank University
• Tonik Energy
• Wales & West Utilities

Dates

June 2020 to November 2021

Achievements and barriers

Building on this project, BankEnergi Ltd has developed its offer of flexibility and optimisation services, aiming to enable businesses to reach Net Zero whilst maximising revenues and reducing costs.

As one example, in 2023 BankEnergi worked with UK Power Networks to provide demand-side response services to Bracken House in central London, demonstrating how buildings could help manage peaks in demand on the network.