Why is LEX needed?
Renewable energy is growing fast, driving the need for smarter ways to balance energy supply and demand as the weather shifts. And the need to cut CO2 emissions is driving up demand for electric vehicles, and the electrification of heating.
By 2030, a third of all our power will feed into local electricity grids (as distinct from only centralised power stations feeding into the high voltage grid). This distributed energy has great potential to benefit consumers: by reducing energy costs and creating new revenues, by cutting CO2 and improving air quality, and by fostering access to the low-carbon economy.
How will it work?
The Liverpool Energy Xchange will be the venue for all kinds of new energy players – owners of renewable generation, electric vehicles and charging infrastructure, heat pumps, and operators of smart buildings and flexible loads and processes – to gather together to trade, reduce energy costs, access new revenues, and support their neighbours and the city.
We are developing new technology to enable effortless, automated trading on a secure platform, matching the needs of consumers with local energy production at any given moment, and orchestrating any surplus for sale on the national market. In addition, LEX will sell flexibility services to local and national operators of the grid, helping them with the tricky job of maintaining reliable electricity supply even as more and more users connect up.
Our key objectives
We are designing the Liverpool Energy Xchange to be the first to trade energy and flexibility locally; and the first to do this in a way that is commercial and investable – the better to drive deeper energy decarbonisation, cleaner air, and local growth.
We are funded by a consortium of energy and property businesses as well as by the UK Research and Innovation’s (UKRI) ISCF Prospering from the Energy Revolution challenge. This aims to unlock the potential of intelligent local energy systems by funding business and researchers to work together with local organisations to prove how new systems can deliver cleaner, cheaper, investable energy systems.