Social Energy launches home energy trading platform

A UK-based start-up company has partnered with Duracell Home Energy Storage to develop a home energy trading platform.

Social Energy, based in West Yorkshire, says the platform is the first of its kind to meet National Grid firm frequency response (FFR) standards.

The platform, which participates in grid-balancing and network services, is a combination of an energy storage battery and the artificial intelligence (AI) powered Social Energy Hub.

The AI software uses machine learning to predict home energy usage patterns allowing customers to achieve optimal savings, by using own reserves first before taking from the grid.

The company claims the fully-automated platform, allows home energy trading and decreases a consumer’s electricity tariff from 14p to 4p per kilowatt hour.

For homes with solar panels in particular, Social Energy says it can make immediate savings of 15 per cent, building up to 70 per cent.

Ryan Gill, chief executive of Social Energy, said: “The UK no longer needs to rely on traditional energy providers – Social Energy is a new approach to managing energy that puts power directly into people’s hands.

“All of the trading and selling activity is digital and is done for the customers, allowing them to go on with their lives, but what is obvious are the savings.  Other people are talking about this, but we’re already doing it.”

Simon Peat, chief technology officer at Social Energy, added: “We live in an age of disruption, where innovators are challenging established ways of doing things and we no longer accept the status quo as ‘good enough’.

“Not only we are offering consumers an unprecedented reduction in energy bills, but we are reducing the country’s reliance on traditional energy sources.

“Across Britain our platform delivers 100 per cent clean energy efficiently, reliably and faster than any other form of energy available. We are confident we can make cleaner and greener smart cities a reality in the years to come.”