06/18/2019 | News release | Distributed by Public on 06/17/2019 14:16
Douglas Park School, Ata Rangi Winery and residents from Genesis' Local Energy Project in South Wairarapa will be generating, storing, sharing and selling energy, through a virtual power plant.
Genesis Executive General Manager for Retail Markets, James Magill says the initiative is part of Genesis's goal to reimagine energy for its customers.
'A virtual power plant aggregates and coordinates the energy produced or stored in homes and businesses. At times of high wholesale prices or grid constraints, it can provide an alternative source of power and reward customers in the process.'
Genesis are partnering with Christchurch-based technology start-up Karat, to deliver a virtual power plant platform for its customers.
'We are really excited to be working with Karit who share our ambition to create better outcomes for customers through technology and innovation' says Magill.
The virtual power plant is a tangible example of how Genesis is achieving this, building on the traditional configuration of solar and batteries to control how, when and where the energy is consumed.
'Today, most residential or commercial properties with solar panels use the energy they produce during the day. Energy that isn't immediately consumed is exported back to the national grid, unless the customer has a battery, which can store the excess energy to use later.'
'With the introduction of a virtual power plant we unlock the ability to easily access, coordinate and export the energy generated by the participating homes and businesses to the grid, alongside other forms of generation. This can ultimately reduce the total cost of energy for customers,' explains Magill.
Bruce Emson from Karit says their technology can help transition New Zealand to 100% renewable electricity generation by 2035 and carbon neutrality by 2050.
'We're delighted that Genesis is willing to trial our technology. Not only can it reduce New Zealand's reliance on traditional forms of energy, but it has the potential to transform the electricity sector by allowing consumers to directly participate in the market,' says Emson.
This form of storing and distributing energy, is the latest innovation to be developed and tested by Genesis through its local energy project.
'This is one way we're delivering on our commitment to supporting New Zealand's transition to a low-carbon future. We're working with our customers and local technology companies to innovate and find new solutions that will provide customers and businesses with more options, flexibility and control of their energy use,' says Magill.
The local energy project was established by Genesis in 2017 as a way to develop new products with customers, for customers. It is New Zealand's largest energy focused research and development community with more than 100 participating families and businesses.
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Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. It sells electricity, reticulated natural gas and LPG through its retail brands of Genesis Energy and Energy Online. It is New Zealand's largest energy retailer with around 500,000 customers. The Company generates electricity from a diverse portfolio of thermal and renewable generation assets located in different parts of the country. Genesis Energy also has a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New Zealand. Genesis Energy had revenue of $NZ2bn during the 12 months ended 30 June 2017. www.genesisenergy.co.nz
Karit is a Christchurch-based technology start-up who has created a Virtual Power Plant platform to allow businesses, communities and everyday consumers the ability to generate their own renewable electricity, store it efficiently, share it and sell surplus electricity back to the national grid.