• 4 minutes Your idea of oil/gas prices next ten years
  • 7 minutes WTI Heading for $60
  • 13 minutes Could EVs Become Cheaper than ICE Cars by 2023?
  • 1 day Pence says South China Sea Doesn't Belong To Any One Nation
  • 2 days Anyone holding Nvidia stock?
  • 5 hours Is California becoming a National Security Risk to the U.S.?
  • 19 hours Why does US never need to have an oil production cut?
  • 2 days Germany Discusses Lifting Ban on Deporting Syrians
  • 2 hours US continues imports of Russian gas which it insists Europe should stop buying
  • 2 days UK Power and loss of power stations
  • 2 hours Pros and Cons of Coal
  • 7 hours Trump administration slaps sanctions on Saudis over Khashoggi's death
  • 2 days China Claims To Have Successfully Developed a Quantum Radar That Can Detect 'Invisible' Fighter Jets
  • 2 days I Believe I Can Fly: Proposed U.S. Space Force Budget Could Be Less Than $5 Billion
  • 2 days A Sane Take on Nord Stream 2
  • 22 hours Commission: U.S. Could Lose Wars With Russia, China
Will Canada Cap Its Oil Production?

Will Canada Cap Its Oil Production?

Canadian oil prices have tanked…

What’s Behind China’s New Charm Offensive?

What’s Behind China’s New Charm Offensive?

Long-time U.S. ally, Australia, is…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

“Energy eBay” To Be Operational By June

Power

A U.K.-based consortium plans to build an “Energy eBay” that should be functional by June, according to emerging reports from the tech sector.

Bilateral trading on the site, developed by a company called Electron, will begin in a few months, CEO Joanna Hubbard said. The project will be “a shared marketplace for energy assets to respond to pricing signals,” she explained.

UK Power Networks announced a flexibility program that called on “energy resources to offer their services to support the distribution network during periods of high electricity demand.”

The new energy eBay will function on a much more “granular” level, with consortium partners National Grid and Siemens prepared to allow trading to occur in smaller packages.

Electron won a $900,000 grant to develop the energy trading framework in 2017. Soon after the project began “it quickly became evident the hardest thing wasn’t the tech, but getting the industry buy-in,” Hubbard said. The platform includes larger industry player, but isn’t designed to be an exclusive club of elite sellers, leaders say.

“There’s an incentive for everyone to get this up and running in the next few years,” the CEO said.

Consumers around the world are accustomed to getting their energy through utility providers or through locally installed solar panels or energy storage systems. But times are changing, and even oil tankers have made it on real auction-based sites in the recent past.

Related: OPEC Unfazed As Rivals Boost Oil Output

The Chinese government auctioned off a nearly $12-million oil tanker on Taobao last February. A Maltese company purchased the tanker, according to the Xinhua news service. The court had attempted to sell the 327-meter-long decommissioned ship on Taobao twice before, without any luck in meeting the minimum desired reserve to trigger a sale. But the third time was a charm.

Splash reported the sale of five vessels belonging to Wenzhou Shipping on Taobao for a grand total of $22 million last year as well. The Alibaba-owned site also recently facilitated the sale of a newbuild bulker by Nantong Minde Heavy Industry for $14 million.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
-->