We are excited to announce that we have expanded our flexibility optimisation capabilities through achieving a Virtual Trading Party (VTP) accreditation – allowing us to offer our electricity flexibility optimisation product to even more organisations, independently of their electricity supply contract. As Bryt Energy also reaches the milestone of 10 years in operation, our new VTP accreditation makes us perfectly placed to support businesses in becoming active participants within the energy transition, whilst taking advantage of the commercial opportunities available.
Virtual Trading Parties (VTPs) are certified participants in the wholesale electricity market, able to aggregate assets (combining multiple flexibility resources into one portfolio) and trade on behalf of other parties. Achieving VTP accreditation means we are able to offer flexibility optimisation to not only our own electricity supply customers, but also those with supply agreements elsewhere – a key step in delivering our purpose of leading Britain towards a net zero, sustainable energy future.
Achieving our VTP accreditation
With the Balancing and Settlement Code (BSC) modification P415 opening the wholesale market to third-party aggregators, it was important that we were at the forefront of this industry change to open the opportunity to organisations. To achieve our accreditation, we registered as a VTP with independent, not-for-profit market operator Elexon, and this was verified by global professional services network KPMG before being reviewed by the Performance Assurance Board (PAB) and undergoing thorough testing to confirm our capabilities.
David Taylor, Bryt Energy’s Strategy and Innovation Director, said:
“We are proud to have earned our accreditation as a VTP, clearly demonstrating the expanding capabilities of our in-house Optimisation desk team and services. It also reflects our commitment to adapting to the needs of organisations across the UK by developing pioneering products and services, empowering them to be more engaged, dynamic and intelligent with their electricity usage. We look forward to continuing to work alongside businesses in supporting and benefiting from the energy transition.”
Transforming flexibility into financial opportunity
As our electricity system evolves with the energy transition, flexibility optimisation – adjusting your consumption in line with grid - will be crucial in balancing supply and demand. In fact, the National Energy System Operator (NESO) predicts that we will need four-to-five times more demand flexibility by 2030, in order to support a decarbonised grid1. For organisations who want to become more active participants in the grid and more engaged with their energy usage, our Flexibility Optimisation product can help unlock financial opportunities, such as:
- Commodity trading, the strategic buying and selling of wholesale electricity in the day-ahead and within-day markets, can allow businesses to reduce their electricity bills and earn additional revenue. They can do this by shifting electricity usage to cheaper, off-peak times and selling back during higher priced peak periods, which therefore also supports the grid during times of strain.
- Depending on the structure of their supply contract, customers could potentially mitigate non-commodity charges, shifting electricity usage to off-peak times to limit associated non-commodity costs.
- New market revenue streams can also be accessed through flexibility markets – schemes which can reward consumers for providing flexibility to the grid, at both a local and national level.
Through this pioneering product, our Optimisation desk team can help businesses access these markets and unlock value from on-site technologies such as Battery Energy Storage (BESS) and solar PV.
Leading the way to a sustainable energy future
We’re committed to helping businesses navigate this evolving landscape and supporting the transition to a sustainable energy future and are delighted that our recent VTP accreditation is a significant step in our journey.
“As the UK transitions to a decarbonised energy system, the role of the electricity supplier is evolving alongside it. Our own role has matured over the last 10 years; as we strive to deliver our purpose, we’re now looking ahead towards the future of our industry to expand our offerings. We are already an established renewable electricity supplier* and, as a flexibility optimiser, we are also able to support customers to unlock additional financial benefits by using their electricity more intelligently and sustainably.
Our VTP accreditation is an important part of our long-term vision, and we are eager to use this accreditation to assist as many businesses as possible in navigating and benefiting from the energy transition.”
– Ian Brothwell, Managing Director at Bryt Energy
To find out more about how our flexibility optimisation product could benefit your business, click here, or get in touch with our team of experts at energytransition@brytenergy.co.uk or on 0330 053 8620.
*please visit https://www.brytenergy.co.uk/100-renewable-electricity/ for more information on our products and services.
