Global wholesale energy trading software and services vendor, Energy One, is celebrating the go-live of its first Virtual Trading Party (VTP) customer: Wattstor.
Wattstor is a next-generation energy company with headquarters in London that finance and design renewable energy systems for industrial and commercial businesses looking to cut costs and decarbonise.
As a VTP, Wattstor required access to wholesale short-term trading, day ahead auctions and Nordpool. Using Energy One’s integrated ‘One Stop Shop’ solutions suite, Wattstor now has the ability to seamlessly capture trades, manage imbalance position and submit settlement-related data to Elexon.
Leonidas Spiliopoulos, Head of Product at Wattstor, comments: “We needed a vendor who could handle our requirements within the wholesale market and be balancing market ready. Thanks to Energy One’s expertise and integrated solutions in this area, we can now execute our operations using one single ecosystem, with one single point of contact and support.
Sunny Tiwana from Energy One adds: “We are proud to announce that Wattstor is the first customer to go live using our enhanced platform for Virtual Trading Party operations. This marks a significant milestone both for Wattstor’s market ambitions and for Energy One’s commitment to enabling innovative energy trading models in the UK.”
Virtual Trading Party: a new type of market participant
To drive greater flexibility and competition in the GB electricity market, Ofgem introduced a series of progressive changes starting in 2019. One such change was Balancing and Settlement Code (BSC) Modification P344, which enabled independent aggregators—now known as Virtual Lead Parties (VLPs)—to participate directly in the Balancing Mechanism by aggregating demand and generation behind site boundaries.
Subsequent modifications have expanded this framework. In 2022, P375 introduced Asset Metering Virtual Lead Parties (AMVLPs), allowing more accurate metering and trading of behind-the-meter assets like storage batteries. Most recently, P415 in 2024 opened wholesale market access to these independent aggregators under the new designation of Virtual Trading Parties (VTPs).
While these changes offer exciting new opportunities, navigating entry into these markets requires compliance with the BSC, Connections Use of System Code (CUSC), Elexon’s qualification processes and NESO market requirements. The regulatory landscape is complex and continually evolving, making market entry challenging for new VLPs, AMVLPs or VTPs.
An innovative solution to support VLPs and VTPs
Energy One has responded to this need by enhancing its market integration platform to fully support the needs of Virtual Trading Parties. With these updates, its software streamlines the onboarding, compliance and operational processes required for participation in the Balancing Mechanism and wholesale markets.
Energy One now supports:
- Qualification Process Management: Assisting with the full range of Elexon and NESO qualification requirements, with support tailored to each organisation’s needs
- Operational Readiness: Ensuring Virtual Parties are fully prepared for active market participation, from Secondary BM Unit registration to settlement processes
As the energy market continues to evolve, Energy One is well-positioned to empower the next generation of market participants with the tools and expertise they need to thrive.
To find out more about Wattstor, visit https://wattstor.com/
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