Virtual Trading Parties: plugging flexibility into the wholesale market

In this episode of Powercast, host David Edmonds (Head of Pricing & Valuations, EDF Wholesale Market Services) sits down with Ed Bryan, Product-Design Lead for Flexibility, to demystify the brand-new role of the Virtual Trading Party (VTP) created by Balancing & Settlement Code modification P415.  Together they unpack: what a VTP is, how it differs from a Virtual Lead Party, and why P415 finally lets independent aggregators trade customers’ flexibility directly in the wholesale market; the nuts and bolts of baselining (P376), half-hourly settlement and why smart meters are essential; EDF’s journey to become the third VTP in Great Britain – including its first wholesale trade on 1 April 2025; the commercial and regulatory wrinkles: supplier compensation, mutualisation, non-energy charges and the real-world impact on EV charging and household demand; the road ahead – from distribution-level services and new reserve products to demand-led system balancing. Whether you’re a supplier, flexibility provider or simply energy-curious, this conversation reveals how VTPs could shift consumption out of the evening peak, unlock new revenue for consumers and help Britain’s grid keep pace with renewables. Tune in, get the jargon decoded and see where demand-side innovation is heading next.