Power Transition: Digitising the Energy Sector to Meet Net-Zero Targets
Anthony Morgan, CEO
The UK is facing an unprecedented energy crisis due to the rising inflation, scarcity in natural gas supply, and underutilisation of resources. As a result of this crisis, an energy bill for a campus site costing 1 million USD in 2021 would cost an upward of 2 million USD today. Furthermore, due to the way small scale and domestic energy generators are registered in the UK, 55GW of renewable generation is invisible to energy systems further impeding energy and carbon predictability, driving energy prices up to record levels. As opposed to upgrading the infrastructure, which would incur millions in costs, Power Transition Ltd through their energy platform empowers individuals and organisations to take greater control and manage their energy assets digitally.
Recognised as the first company to integrate its technology and Digital Energy Platform (DEP) directly into smart meters, it offers intelligent energy solutions that save cost, cut carbon and generate new income streams for site owners. Power Transition’s platform responds to market mechanisms to enable clients to benefit from dynamic tariffs, countering the impact of soaring energy prices, which have more than doubled in the past year alone.
Power Transition‘s solutions overcome local grid constraints by deploying Smart Microgrids that provide greater visibility of renewable energy assets and devices connected to the energy system, ensuring participation, creating energy markets that balance local networks and increasing grid resilience. Power Transition’s software recognises the fluctuations in demands for energy and enables active grid management through optimising behind-the-meter and beyond-the-meter transactions while trading into the flexibility and reserves markets.
“Our platform creates new revenue streams, provides optimisations to enable Distributed Energy Resource Management, and reduces energy costs to support the rapid transition to a zero-carbon economy, “says Anthony Morgan, CEO of Power Transition.
By digitalising energy systems using Hedera Hashgraph, the technology ensures latency-free energy transactions. Hedera is a third-generation public ledger that uses 0.0001 kW per transaction,10,000 times more energy-efficient than Ethereum.
Tokenising the energy generated by buildings, vehicles, and devices in the network, Power Transition tracks the journey of each unit of electricity from the source, through distribution and storage, until the end-user, providing energy provenance and real-time energy and carbon tracking. With the use of Hedera, the company eliminates mining, and the local fiat currency’s financial value is pegged, with zero volatility at the point of financial settlement.
Hedera virtual wallets can store the tokens where consumers of energy are at liberty to trade peer-to-peer with other members of the network. Tokens contain a unique identifiable public key, including a buy/sell value and non-financial information, such as source (renewable/non- renewable) as well as carbon data, creating an immutable information record for every unit of energy transacted across the network.
Our platform creates new revenue streams, provides optimisations to enable Distributed Energy Resource Management, and reduces energy costs to support the rapid transition to a zero-carbon economy
The Power Transition Digital Energy Platform enables the processing and management of financial (e.g. cost) and non-financial (e.g. carbon) transactions relating to energy use. The platform applies intelligent design, dynamic control, automation and digitalisation to its client’s sites, enabling them to act as a grid resource that induces faster system response and recovery, strengthening resilience and reducing system disruption. Showcasing the platform’s efficiency, Power Transition Ltd, won Innovate UK funding to evaluate strategies and determine the benefits of energy management and trading for a residential community. Through their DEP, community residents could trade energy, leveraging digital tokens, with other participants on the platform. As a result, residents reduced their energy bills while generating additional income and significantly reducing carbon emissions.
Power Transition Ltd has also taken up a project to support the Building Research Establishment (BRE) to establish a Smart Microgrid across their UK campus. The project’s objectives, which is in its first phase, are to demonstrate the effectiveness of a Smart Microgrid in reducing cost, energy, and carbon and demonstrate how optimization through a Digital Energy Platform can derive additional savings in energy and carbon from market mechanisms.
Description Power Transition Ltd (PTL) provides software for intelligent energy systems that Empower individuals with dynamic control of their energy transactions through Digital Energy Platforms (DEP). Recognised as the first company to integrate its technology and Digital Energy Platform (DEP) directly into smart meters, PTL offers intelligent energy solutions that save cost, cut carbon and generate new income streams for site owners.
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