Pod Point Becomes First Company to Trade Energy Under New Wholesale Market Regulations
We’ve taken a significant step of progress in our Energy Flex strategy by leveraging the new P415 regulations.
We’re pleased to announce that Pod Point has entered a new energy flex market, becoming the first company to sell energy in the wholesale market under the new P415 regulations.
P415 allows companies that aren’t energy suppliers to sell wholesale energy as a Virtual Trading Party (VTP). By working with a VTP, Pod Point gains access to a new incremental revenue stream, allowing us to reward customers for charging their EVs whilst also helping to stabilise the UK’s energy grid. In other words, it’s a win-win-win for Pod Point, our customers, and the Grid!
What Is Energy Flex and Why Does It Matter?
Wholesale electricity prices rise and fall depending on demand. For example, at 6pm demand spikes as that’s when most people return home to cook or watch TV whereas demand is lower at, for example, 2am when most people are asleep.
But prices are also affected by weather. For example, if it’s 6pm but very windy, energy might cost less because energy can be generated by wind turbines, whereas on a windless evening more generators or power stations need to be turned on to meet demand.
To help with demand and stabilise the grid, EV chargers can pause charging during peaks in demand and shift charging to greener, off-peak times, with the rewards for doing so being passed onto the customer.
This flexibility supports not just the UK’s Net Zero targets by enabling more renewable energy, but also helps grid partners reduce costs and allows companies like Pod Point to create high-value recurring revenues.
With over 250,000 EV chargers installed in the UK, we have a substantial number of customers who can be offered rewards for smart charging going forward.
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. We have the largest Energy Flex enabled chargepoint network in the UK, with over a quarter of a million chargers, providing significant scale and relevance to the Grid. 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.
This article was originally published by Pod Point.
