#Japan #Renewable Energy #Chuo #Enerbank #Tokyo Electric Power

Overview of the Project

Enerbank, a pioneering company based in Chuo, Tokyo, known for its unique electricity reverse auction service called "Eneoku," has recently made headlines by being selected for a special renewable energy funding initiative by the Ministry of Economy, Trade and Industry (METI). This initiative aims to support the expansion of decentralized energy resources. The company plans to implement a demonstration project targeting residential and business customers with low electricity demand in the Tokyo Electric Power service area.

Project Details

As the only domestic provider of the electricity reverse auction platform, Enerbank has supported the procurement processes for various private enterprises and government agencies. Additionally, Enerbank has collaborated with municipalities across Japan to establish joint purchasing projects for renewable energy electricity geared towards local businesses. While they have received interest from several municipalities regarding a similar program for general households, the challenges of cost recovery have previously impeded the launch of such a service.

In light of these challenges, the new METI grant will facilitate a demonstration project aimed at addressing the issues pertaining to entering the low demand energy sector. The project's methodology will leverage energy consumption data from participating customers, providing precise simulations of current and potential electricity contracts. By semi-automating this process, Enerbank seeks to significantly reduce costs. This revolutionary approach aims to allow customers a streamlined transition in electricity contracts through a web-based platform, thus enabling the feasibility of group purchasing ventures in low-pressure electricity markets, contributing to the advancement of renewable energy and carbon neutrality.

Characteristics of the Business

• - Detailed Rate Simulation Utilizing Actual Data: By acquiring electricity consumption data from the Japan Electricity Data Management Association, participants will gain access to detailed simulations comparing current contract prices with those of potential ones. Unlike traditional electricity comparison services that utilize aggregated usage data on a monthly or annual basis, this project will provide simulations that reflect actual consumption patterns, delivering precise insights to users.

• - Volume Discounts Through Joint Purchasing: Unlike high-voltage contracts, low-voltage electricity plans provided by retail electricity suppliers are typically uniform for all customers. However, this initiative will allow retail suppliers to consolidate contracts with multiple customers simultaneously, cutting their operational costs. The savings from these reduced costs can then be passed on to the customers, offering them more competitive rates than standard contracts.

• - Multiple Menu Options for Comparison: Participants will have access to various electricity plans including the standard plan from Tokyo Electric Energy Partner, fixed price options, and market-linked plans. Customers can compare the features and pricing of different options before opting for their contract switch. Retail suppliers providing these plans will be selected through a reverse auction before customer participation.

Participation Timeline

Potential participants, including households, private corporations, and public sector entities, may register from November 4 to December 26. Retail electricity suppliers are also being invited to join the program through a pre-auction process. Interested suppliers should carefully review the requirements and consider their participation.

Participation Requirements for Electricity Suppliers

1. Suppliers must operate within the Tokyo Electric Power area, offering renewable low-voltage electricity plans for either households or businesses.
2. They should have a record of low-voltage service provision for the fiscal year.
3. Suppliers must provide a dedicated site for customers opting for the contract switch.
4. Suppliers must sign a reverse auction usage agreement prior to the auction.

Key Information

Company Overview:

• - Name: Enerbank Inc.
• - Founders: Joogo Sato and Kenichi Muranaka
• - Headquarters: 2-1-17 Nihonbashi, Chuo, Tokyo 103-0027, Japan
• - Established: July 2018
• - Phone: 03-6868-8463
• - Business Scope: Development and operation of electricity auction systems, operating an environmental value trading platform including the issuance of green energy certificates, and creating digital concierge services for energy procurement and decarbonization solutions.

Website: Enerbank