A new distributed energy exchange that facilitates energy transactions between businesses, households, communities and utilities has been launched in Australia.
RenewEconomy website reports that the Melbourne-based tech start-up GreenSync officially launched its trading platform for distributed energy resources – a technology the Australian Energy Market Operator says will be key to grid stability as another summer approaches and as old coal power continues to exit the NEM and more and more variable renewable energy generation is added.
Initially installed as a pilot in early 2017, the deX platform, or Decentralised Energy Exchange, is an open exchange where energy capacity can be transacted between businesses, households, communities and utilities, and which promises to transform Australia’s energy industry.
It acts as a cloud-based, load control system designed to manage extreme electricity demand and is to be Australia’s biggest virtual power plant.
Speaking at the unveiling event, GreenSync CEO Dr Phil Blythe revealed the deX’s 37 industry partners and stakeholders – including AGL Energy, EnergyAustralia, United Energy, SA PowerNetworks, ActewAGL and the newly added Energy Queensland.
Other key partners include global tech giants like Tesla, Siemens and ABB, as well as local smart energy innovators Geli and WattWatchers.
The model also involves a partnership with Energy Networks Australia that is working on the development of national connection standards, and the Australian Renewable Energy Agency, which grant funding announced in February after the platform’s initial development through ARENA’s integration innovation program, A-Lab.
This network gives GreenSync a major footing in the potentially huge demand response market, which AEMO chief Audrey Zibelman said will be vital in the transformation of grids from centralised hub-and-spoke models, to nimble, renewables-based networks where a wide variety distributed energy resources are shared, stored and traded.
deX can be applied to the distributed renewable energy market at a very small level – such as one suburban street, or, it can be applied at a much larger scale, such as to encompass the rooftop solar of a whole state, something the company is working to do in its most recently announced deal with Energy Queensland.
CEO Blythe said, “This is an opportunity born from our current energy crisis, deX provides a framework to increase customer value, improve system reliability and manage the transition to a renewable energy future.