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February 23, 2024

London-based company to launch energy grid market in CT

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Piclo, a London-based company, is expanding its operations into Connecticut to establish a local energy grid flexibility market, which will be the first of its kind in New England.

Piclo has received $1.8 million in funding from the Public Utilities Regulatory Authority's Innovative Energy Solutions program to create the market, which is set to launch this spring.

A grid flexibility market allows aggregators of small and medium-sized power resources, such as rooftop solar arrays, to connect with utilities via a digital marketplace.

That means when utilities do not have sufficient supply to meet demand, they can buy electricity from aggregators rather than purchase expensive bulk power from peaking plants on the wholesale market.

In an announcement, Piclo said it will partner with local stakeholders including Orange-based United Illuminating to establish the market.

“The challenges the electric industry faces are well-known, but not insurmountable,” said Frank Reynolds, president and CEO of United Illuminating. “With the help of companies like Piclo, we can begin to create greater grid flexibility and resiliency by harnessing Distributed Energy Resources, which will reduce carbon emissions and create cost-savings that can be passed onto customers.”

Piclo recently established a similar grid flexibility market in New York.

PURA’s Innovative Energy Solutions Program, which launched last year, is aimed at helping entrepreneurs “identify, pilot and scale” innovative energy projects that “enable a decarbonized, affordable and equitable electric grid for Connecticut.” There is $25 million in funding available each cycle.

Piclo was one of seven companies selected for the first funding cycle of the program.

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