EDF announces agreement for battery optimisation with Eelpower.
Eelpower, one of the pioneer investors and operators of large-scale commercial energy storage assets in the UK, have selected EDF as their next trading and optimisation partner. The partnership will involve the trading and optimisation of three grid-scale battery projects located in the UK, totalling 80MW, and reinforces EDF’s commitment to helping Britain achieve Net Zero.
EDF’s specialist teams will be responsible for managing the trading and optimisation strategy for three UK-based batteries managed by Eelpower over a period of seven years. Majority ownership of the assets lies with Swiss fund manager SUSI Partners’ Energy Storage Fund while the remaining stake is owned by Eelpower itself. The two companies announced a broader partnership for the development of battery storage assets across the UK in January 2021.
Utilising EDF’s market leading trading platform, Powershift, the deal will see EDF, working alongside Eelpower’s technology partner Upside Energy, open revenue streams for these assets, including ancillary services, balancing mechanism and wholesale optimisation. The agreement will also provide bankable reassurance through the delivery of a floor price, ensuring minimum income levels are guaranteed, which has been a key element for the investors.
Stuart Fenner, Head of Energy Trading Services at EDF, said: “We are really pleased that Eelpower has chosen to partner with EDF on the trading and optimisation for a number of its battery storage projects. Partnerships with early innovators such as Eelpower, are testament to our highly skilled teams and the work that has been put into building our track record for first class trading and optimisation services. As a leading battery optimisation services provider, we look forward to supporting Eelpower in delivering maximum value whilst managing investment risks. The combination of our trading expertise and ability to provide an attractive price floor brings a unique offering to the battery storage marketplace.”
Mark Simon, Eelpower CEO, said: “EDF has a great track record for generating revenue through wholesale trading and optimisation. The EDF team has been a genuine innovator in the delivery of market-leading optimisation services and we have undertaken a detailed contestable procurement before selecting them.”
23 February 2021