29th Jan 2025 13:35
(Alliance News) - Pod Point Group Holdings PLC on Wednesday said it has entered the UK wholesale energy market ahead of schedule, becoming the first company to sell energy under the new P415 regulation, which allows non-energy suppliers to trade wholesale energy as a 'virtual trading party', or VTP.
The London-based electric vehicle charging network operator said this move provides it with access to the largest segment of the energy flexibility market, further advancing its strategy to participate in all major 'energy flex' segments.
Pod Point said that on December 23, it became the first company to sell energy in wholesale electricity markets under P415, generating a new high-margin revenue stream by working with a VTP.
The company said this will support its customer lifetime value model, rewarding EV owners for smart charging their vehicles at off-peak times.
Pod Point operates an EV charge point network in the UK with over 250,000 chargers. The company noted that shifting EV charging to times of low demand and high renewable energy availability can help stabilise the grid, lower costs for grid partners, and create valuable recurring revenue for Pod Point.
Chief Executive Melaine Lane said: "Our entry into the wholesale market represents another important milestone in Pod Point's Energy Flex strategy and creates further momentum in building recurring revenues for the group. It is another example of Pod Point taking the lead in Energy Flex as the first company to take advantage of this new regulation.
"Pod Point has delivered a huge amount of progress in Energy Flex over the last 12 months, and we have further exciting plans for this emerging market in the next 12 months."
Shares in Pod Point were up 6.2% to 10.30 pence in London on Wednesday afternoon.
By Eva Castanedo, Alliance News reporter
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