CEFC invests up to $35m in Plico to develop virtual power plant services
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The news: The Clean Energy Finance Corporation (CEFC) will invest up to $35 million in Starling Energy Group’s retail brand Plico to support the rollout of its end-to-end battery and virtual power plant service (VPP).
The numbers: The investment is being committed through the CEFC’s Household Energy Upgrades Fund, which has now committed more than $380 million of investments.
Accessing Plico’s solar, battery and VPP offerings could save more than $1,100 annually on energy costs, with the CEFC’s backing providing additional savings of $130 and $240 in additional savings annually over ten years.
The context: A VPP is a digitally coordinated set of home energy assets like solar panels and batteries that work to deliver reliable and sustainable power to the grid.
Plico members pay a weekly instalment for a solar, battery and VPP package which is installed and maintained by Plico for the duration of the subscription. Members receive VPP credits when the VPP is needed to ease an imbalance in power supply and demand.
Households with an existing solar battery system are also welcome to join the VPP.
What they said: “As Australia transitions to a more decentralised and decarbonised energy systems, new consumer energy models like VPPs are essential,” CEFC CEO Ian Learmonth said.
“By tapping into the dispatchable energy capacity of households, coordinated technologies like rooftop solar, home batteries and other consumer energy resources can help stabilise the grid, reduce energy costs, improve system reliability, and maximise the value of renewable energy investments.”
Starling Energy Group CEO Robbie Campbell said: “Plico is committed to democratising energy through Plico’s affordable solar and battery plans, with generous VPP rewards and active participation in grid stability using a model that provides direct and meaningful Benefits.”
Assistant Minister for Climate Change and Energy Josh Wilson said: “As older coal-fired power comes to end-of-life, technology like VPPs are key to ensuring we maintain an agile and responsive energy system that benefits all Australians.”
The sources: CEFC media release, Assistant Ministee Josh Wilson media release
