Electric vehicle charging provider Pod Point, has begun selling energy in wholesale markets, saying it is the first company to do so under a new regulation. It began generating revenue this way on 23 December.
The new P415 regulation allows companies who are not energy suppliers to sell wholesale energy as a Virtual Trading Party (VTP). Pod Point said entering the Wholesale market gives it access to the largest segment of the flexibility market.
PodPoint now claims more than 250,000 EV chargers, which it said provides a substantial “back book” of customers who can be offered rewards for smart charging. It has a strategy to enter all the major energy flex markets and says it is already operating business-as-usual energy flex in the distribution system operator and Capacity Markets.
Melaine Lane, Chief Executive Officer, said: “Our entry into the wholesale market represents another important milestone in Pod Point’s Energy Flex strategy and creates further momentum in building recurring revenues for the Group.” She added, “We have the largest Energy Flex enabled chargepoint network in the UK, with over a quarter of a million chargers, providing significant scale and relevance to the Grid. Pod Point has delivered a huge amount of progress in Energy Flex over the last 12 months, and we have further exciting plans for this emerging market in the next 12 months.”