Project REMeDY - spearheading a Revolution in Energy Market Design

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Title
Project REMeDY - spearheading a Revolution in Energy Market Design
CoPED ID
c9c89bd9-3a58-4057-836e-127154a4ee8a
Status
Active
Funders
Innovate UK
Innovate UK
Value
£4,682,126
Start Date
March 1, 2020
End Date
May 30, 2022
Description

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The energy market is failing to capture the industrial benefits from the green technology revolution and tackle the climate crisis. We urgently need a REMeDY -- a Revolution in Energy Market Design to match the revolution in green technologies.

Our solution is HIVES - a revolutionary new energy company business model to deliver Horizontally Integrated (working across electricity, heat and mobility vectors) Vertical (including generation, distribution, flexibility and supply) Energy Systems.

By integrating system operation and supply at a local level, in a way that puts customers first, works for financiers and is regulatory compliant today, HIVES provides a blueprint for a new national electricity system design, beyond the faltering 'supplier hub' model, to a distributed and highly efficient zero-carbon architecture.

Project REMeDy will develop the HIVES approach to produce a local energy system design covering the whole of the populous town of Southend that is proven to be replicable in localities across the UK. A major investment prospectus will set out capital funding arrangements for the design, with work on the first major infrastructure projects planned for 2022.

This world-leading project will catapult UK industry to the forefront of the global transition to local energy systems.

Subjects by relevance
  1. Energy
  2. Enterprises
  3. Renewable energy sources
  4. Future
  5. Energy production (process industry)
  6. Energy economy
  7. Industry
  8. Design (artistic creation)
  9. Energy industry
  10. Sustainable development
  11. Distribution of electricity
  12. Projects
  13. Energy market

Extracted key phrases
  1. Energy Market Design
  2. Local energy system design
  3. Project REMeDY
  4. Revolutionary new energy company business model
  5. New national electricity system design
  6. Green technology revolution
  7. Energy Systems
  8. Energy market
  9. Major infrastructure project
  10. Revolution
  11. System operation
  12. HIVES approach
  13. Local level
  14. Major investment prospectus
  15. Industrial benefit

Related Pages

UKRI project entry

UK Project Locations