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Louvain-la-Neuve / Paris, 31 March 2022 – N-SIDE, a Belgian deeptech company, combining applied mathematics and software technologies to accelerate the energy transition, and EPEX SPOT, the leading exchange for the European power spot market, jointly announce the implementation of Localflex, a platform that manages network flexibility in power grids.
With Localflex, for which EPEX SPOT is providing an end-to-end local flexibility market platform and N-SIDE developing the algorithm, both companies are addressing one of the major challenges of the energy transition: the procurement of flexibility by grid operators to address local grid constraints which is key for the provision of affordable decarbonized energy in conjunction with the resilience of the power grid.
The current power grids are under growing pressure to accommodate the rise of decentralized production and consumption resources such as renewables, electric vehicles or heat pumps. To avoid costly investment in new power grid infrastructure and to ensure that energy bills are not exponentially increasing, the use of flexibility in the energy system will be instrumental. Energy flexibility is the ability of consumers and producers to change their schedules as a service to support the grid. Localflex is a new market solution that manages and coordinates the flexibility needs between different system operators and flexibility service providers. It ensures network resilience and the reliable supply of affordable and decarbonized energy.
Localflex, innovative technology for flexibility management
EPEX SPOT and N-SIDE bundle their joint expertise in the market design of Localflex. EPEX SPOT will operate the Localflex platform, allowing for a better coordination between Transmission System Operators (TSOs), Distribution System Operators (DSOs) and providers of flexibilities to improve the use of available flexibility across Europe. N-SIDE developed the state-of-the-art algorithm which performs the matching on the market platform.
Both parties have substantial experience related to local flexibility markets. EPEX SPOT participated in the Enera project from 2017 to 2020 in the Northwest of Germany. In 1.5 years of market operations by EPEX SPOT, over 3000 orders for local flexibilities were submitted. N-SIDE was part of a pilot in Cornwall (UK) to evaluate whether DSOs and TSOs could buy flexibility in a coordinated way using a third-party platform. This resulted in the trading of 310MWh over a period of 3 years saving 10,000 tons of greenhouse emissions annually throughout the project.
The ambition of this new type of market is to develop an economic space for participants to solve growing congestions and allow for significant cost savings and optimization on the billions of Euros invested each year for grid reinforcement and congestion management in Europe. This ultimately facilitates the energy transition.
About N-SIDE
N-SIDE is a deeptech company that empowers organizations in the energy sectors to make better decisions and optimize the use of critical resources.
We’re doing so by combining deep industry expertise with applied mathematics and artificial intelligence into easy to use and cutting-edge software that transforms uncertainty and complexity into deterministic outcomes.
In Energy, we accelerate the transition towards renewables and electrification by enabling leading grids and market players in making better, faster, and safer decisions with machine learning and mathematical optimization technologies.
N-SIDE is headquartered in Belgium with offices in the USA where it serves customers from across the world.
About EPEX SPOT
The European Power Exchange EPEX SPOT SE and its affiliates operate physical short-term electricity markets in 13 countries: in Central Western Europe, the United Kingdom, in Switzerland, the Nordics and in Poland. As part of EEX Group, a group of companies serving international commodity markets, EPEX SPOT is committed to the creation of a pan-European power market. Over 300 members trade electricity on EPEX SPOT. 49% of its equity is held by HGRT, a holding of transmission system operators. For more information, please visit www.epexspot.com
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