Electrify, a Singaporean energy innovation company, has launched a pilot project for peer-to-peer (P2P) energy trading in the city state. The project will allow consumers to purchase renewable electricity produced by private solar panel owners via an online marketplace from across the city.
The pilot project is built upon Electrify’s proprietary P2P energy trading platform, Synergy, and builds upon a successful technical trial conducted in Singapore in February 2019. The pilot is conducted in collaboration with energy company, Senoko Energy, and is sponsored by Engie Factory, the venture arm of French multinational electric utility company.
P2P energy trading
Running until June 2021, the year-long pilot has a near-term goal of deploying P2P energy trading capabilities for residential and business clients of Senoko Energy. Electrify said its longer-term objective is to showcase the commercial viability of its grid-wide P2P energy trading technology named Synergy. This will create economic incentives to increase the proliferation of distributed urban solar systems.
The joint service for the pilot is called SolarShare and is built on Synergy, an advanced P2P energy trading platform that can catalyse a renewable energy transition across Southeast Asia, according to Electrify, enhancing its ability to leverage the region’s ‘strong growth potential for solar energy’.
“Electrify’s vision is to foster a dynamic energy ecosystem using technology as an enabler. In doing so, we aim to contribute to a more sustainable energy landscape for Singapore and the rest of the world,” said Martin Lim, CEO of Electrify.
“The Synergy platform is one of the very few in the world capable of facilitating P2P energy trade on a city-wide scale and is designed for a modern city by allowing us to harness rooftop real estate to maximize urban solar potential.”
Electrify has forecasted US$60 million worth of solar energy to be transacted across major Southeast Asian markets by 2023, a significant increase from US$2.6 million next year. Through collaborations with regulators and key industry players, Electrify aims to capture approximately 30% of the regional renewable energy market with Synergy.
The pilot is targeting 100 participants comprising consumers wishing to power their households and businesses with renewable energy, as well as private houses and commercial properties with installed solar panels to generate electricity (‘prosumers’).
Energy offerings
It has been designed to make the complex purchase of renewable energy a convenient, fuss-free affair. Private owners of solar panels list their energy offerings at their preferred rates on SolarShare, which automatically matches them to prospective customers.
“The concept of P2P energy trading is highly innovative and smart, and its adoption around the globe is still in its early stages,” James Chong, Head of Commercial Division of Senoko Energy.
“We are very excited to collaborate with Electrify and Engie Factory, because we believe this will be the future of our energy industry, driven by a community of like-minded individuals and companies.”
Beyond Singapore, Electrify said it is speaking with established energy players and regional utilities to bring Synergy into their respective markets. Target geographies include Malaysia, Japan, Thailand and Australia.
