Storage operator Eelpower has taken on EDF as next trading and optimisation partner. EDF will trading and optimise three grid-scale battery projects, totalling 80MW. EDF teams will be responsible for managing the trading and optimisation strategy for three UK-based batteries managed by Eelpower over 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.
EDF will use its trading platform, Powershift, and will work alongside Eelpower’s technology partner Upside Energy to 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.
Mark Simon, Eelpower chief executive, 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.”
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Further reading
EDF signs battery optimisation deal with Zenobe Energy in search of ‘major role’ in market
Eelpower finds Swiss infrastructure fund backer to build battery storage at scale, aims at 1GW
Eelpower acquires Ludlow battery as it plans growth to 1GW
Eelpower to invest £20 million in new storage projects