New Technology Ventures Assignment 1 - 1302 Words

New Technology Ventures – Assignment 1 Angela Ririe Piclo, the eBay for renewable energy â€Å"Distributed renewables and smart grid technologies are the future. We’re challenging the energy industry and reinventing how things are done. We’ve built Piclo - an online Peer-to-Peer Energy Marketplace that lets people buy and sell energy directly.† (Openutility.com, 2016) The Idea Piclo, the UK’s first online marketplace for renewable energy has been developed by Open Utility (a London based innovative energy start-up) in collaboration with Good Energy a 100% renewable electricity supplier. At present 7% of the UK’s electricity is produced from renewable sources and this percentage is expected to grow to 30% by 2020 as a result of EU targets.†¦show more content†¦Piclo’s granular analytics can help companies shift demand away from peak times and simplify sustainability reporting †¢ For energy generators: At present the only way companies that generate their own power can monetise excess capacity is to sell it back to the grid on a Feed-in Tariff (FiT) basis. Piclo will provide these companies with a dynamic online market where they are able to control exactly who they sell power to and at what price. The platform should enable smaller generators to get better prices for power than they would currently be able to achieve through FiT. Piclo’s analytics tools will provide generators with information on the current energy market and demand levels at different price points. Producers will also be able to market the story behind their project and have the ability to offer different prices to different buyers – for example offering lower pricing to local businesses. †¢ To keep the system in balance the company have developed â€Å"energy matching technology† that matches demand and supply every 30 minutes with Good Energy providing additional 100% renewable power or buying surplus power if required. Good Energy also provides Piclo with assistance with billing and meeting regulatory requirements. Figure 1: How Piclo works Source: