Author: Shane Touhey, Commercial Analyst, Electron
If you’re signed up to participate in upcoming UK flexibility markets on a flexibility market platform, like ElectronConnect, here are some things you can prepare in advance of those markets going live.
1. Ensure your registration documents are up to date
Your details need to be registered correctly on the market platform, or this can lead to delays in payment.
You can normally check that your documents are up to date by logging onto your flex market platform and reviewing the documents that you uploaded during registration. These documents typically include insurance certificates and financial details.
Scheduling periodic document reviews can then help you to avoid last-minute issues or delays.
2. Keep your asset data current
You need to keep your asset data up to date to trade (and deliver) effectively. Again, you can normally check these details by logging into your platform.
It’s important that asset details, such as performance metrics, capacity, location, etc, are accurate. This will make sure you aren’t over or under committing, and that you can get the maximum value from your assets.
3. Verify asset functionality and that they’re operating within required parameters
To avoid reliability issues which can affect income and credibility, it’s worth checking the functionality of your assets.
The best way is to simulate two or three end-to-end test runs and check that the system(s) responds as expected.
4. Calculate pricing
Setting the right price for your energy involves striking a balance between being competitive for grid operators and ensuring sufficient value from your operations.
If participating in a flex event prevents the energy being used elsewhere, you’ll need to calculate the losses this will cause and ensure that the price that you set is higher to make a profit.
Accurate cost modelling will help you to optimise your financial outcomes from participation.
5. Communicate changes to your asset owners or users
If you aren’t the owner or user of the asset’s energy, you’ll need to communicate any likely changes in behaviour with those who are in preparation for when the markets go live.
Establishing a communication strategy or customer journey mapping can enhance your stakeholder experiences and foster positive relationships.
If you’re considering becoming a flexibility provider, read more about what to expect and my experience in my previous role as a DER operator.
