Press Release

London, United Kingdom, 15 October 2024 - Piclo, the global marketplace for flexibility services and market access, is pleased to announce a successful secondary trade between Axle Energy and Oaktree Power, that saw EV chargers enter the Capacity Market for the first time without relying on smart meter data.

Piclo developed Britain’s first and only online platform to secondary trade Capacity Market obligations, which operates like a secondhand marketplace where existing contracts can be traded outside of the T-1 and T-4 auctions. The marketplace enhances transparency by giving all buyers and sellers digital access to available contracts, and mitigates risk by giving companies a backup plan in case their circumstances change. 

By advertising on its Piclo Max marketplace and tapping into the largest of its kind database of over 250 flexible energy asset owners in the UK, Piclo facilitated the transfer of a 3.7MW T-1 contract, from Oaktree Power to Axle Energy. The trade, equivalent to 528 7kW EV chargers, not only enabled Axle Energy to acquire additional capacity, but also enter EV chargers into the Capacity Market without relying on smart meter data, something that has traditionally been a requirement to demonstrate compliance. 

Axle Energy’s innovative approach, which leverages the flexibility of EV chargers, paves the way for new avenues of participation in the market by a wider variety of companies. In doing so, new technologies such as EV chargers, can be leveraged to provide additional flexibility, stabilising the grid, while generating additional revenue for their owners. 

‍James Johnston, CEO at Piclo, underscored the role emerging technologies like EVs can play in stabilising the grid:

“As the number of electric vehicles continues to grow, innovative solutions are essential to integrating these assets into the grid. Piclo are proud to have played a role in unlocking the flexible power of EV chargers by matchmaking Axle Energy with Oaktree.”

Karl Bach, CEO at Axle Energy, emphasised the importance of this development for the future of the Capacity Market, stating:

“The predominant system of using smart metering for the Capacity Market just doesn't work for residential devices like EV chargers. We've shown that EV chargers have the accuracy, capability, and reliability to participate directly in the Capacity Market, paving the way for increased zero-carbon capacity in this important market. Today, Capacity Market transactions are predominantly limited to annual auctions; the Piclo platform is laying the groundwork for more transparency, which should hopefully unlock additional market liquidity in future years.”

Angie Castillo, Director of Operations at Oaktree Power, commented on her experience of using Piclo’s service: 

“We had a last minute negotiation drop out so we were looking to fill that capacity. In the circumstances we were in, we were looking to find a buyer quite fast. [Piclo] has the database of buyers who are looking to take part in the Capacity Market; that opens a whole different market of resource to marry those two up. We appreciate that, and it’s definitely something that we will probably use in the future.”