EDF Energy in asset optimisation deal with energy investment specialists Gresham House
Gresham House New Energy, the clean energy division of specialist alternative investment manager Gresham House, has chosen EDF Energy to optimise 20MW of battery storage and 4MW of generation assets owned by the Gresham House Energy Storage Fund plc. The deal will see EDF Energy, alongside technology partner Upside Energy, open up all revenue streams available in the market today for these assets, including ancillary services, load shifting and wholesale optimisation.
The energy market is changing fast, with the revenues from ancillary services proving uncertain. Gresham House opted to work with EDF Energy due to the company’s unique wholesale optimisation expertise – which stretches back nearly 20 years – and its innovative optimisation platform, PowerShift.
In choosing a partner with EDF Energy’s trading capabilities, financial credibility and innovative technology, Gresham House can assure investors that the widest range of revenue-generating activities is being made available to them.
Battery storage is an increasingly important part of the energy system, supporting the transition to low-carbon and renewable energy sources. Storage assets will play a growing role in mitigating events such as the significant power outages that impacted London and UK in early August. Gresham House has developed a large number of storage assets in support of the National Grid and is the latest in a series of asset owners to be working with EDF Energy and Upside.
Vincent de Rul, Director of Energy Solutions at EDF Energy, says: “It’s an important time for battery storage, as events like the recent UK blackout confirm. The UK’s successful transition to a low-carbon future will increasingly draw on optimisation of assets like these alongside low-carbon generation.
“We’re thrilled to be working with Gresham House as they realised the revenue opportunity in battery storage early on. We firmly believe that with our wholesale market expertise and trading capabilities we’ll be able to secure revenue value into the long-term.”
Ben Guest, Head of Gresham House New Energy and Lead Fund Manager of the Gresham House Energy Storage Fund, says: “Our battery storage portfolio aims to generate sustainable financial returns for our investors while supporting the UK’s transition away from fossil fuels and towards clean energy. Asset optimisation is the largest contributor to revenues and through this partnership with EDF Energy we are able to broaden our revenue stack and provide our investors with certainty despite the shifting regulatory environment.”
Devrim Celal, CEO of Upside says: “Technology is playing an increasing role in the transformation of our energy system. We are delighted to be working with our partners to drive forward the UK’s move to a clean energy future.”
EDF Energy’s Powershift platform will optimise assets at Gresham House’s Rufford and Littlebrook sites, which have a combined 24MW of battery storage and generation assets. The Powershift platform will provide three categories of revenue, including
· Ancillary services, where EDF Energy will manage the asset on all the services and programmes available through the National Grid;
· Load shifting, which will see EDF Energy dispatch assets according to non-energy costs and EDF TRIAD forecasts;
· Wholesale Optimisation, for which EDF Energy will apply their deep knowledge of the energy market and dispatch each asset against day ahead, within day and cash out prices, as well using the balancing mechanism.
Upside Energy, whose algorithms and artificial intelligence systems match energy demand with available supply, will work alongside EDF Energy as controls partner. Upside’s unique mix of advanced technology and commercial intelligence ensures that renewable assets achieve the greatest return on investment.
For more information contact:
Ed Lowcock / Carlotta Saxton
+44 (0) 207 9323619
+44 (0) 7827314731