12/03/2020 | Press release | Distributed by Public on 12/03/2020 03:00
'We know how vital battery storage will be for hitting the UK's net zero commitments, but investor confidence remains low. By offering guaranteed returns and ensuring that the battery is active across numerous markets, we can unlock the returns that investors require for large scale energy infrastructure projects, and importantly stay within the battery's warranty conditions.'
Louis Burford, Head of Optimisation, Centrica Business Solutions
Eelpower has started a seven-year contract with Centrica Business Solutions for the optimisation of its battery storage plant at Leverton near Lincoln, UK.
The 10MW Leverton storage project was commissioned in 2017 in order to provide balancing services to the National Grid to facilitate the increase of renewable energy, enable the pathway to net zero and reduce energy costs for consumers.
Centrica Business Solutions will take a multi-market optimisation approach using its proprietary FlexPond™ platform, identifying opportunities to support the balancing of the grid network from months in advance right up to real time.
Eelpower is receiving a fixed guaranteed return for the seven-year term, with additional payments for every battery cycle from day one of the contract above and beyond the guarantee.
'Having the certainty of return was a very attractive aspect of the proposition from Centrica Business Solutions. We've done our due diligence on their FlexPond platform and we're confident that we're putting our battery in safe hands.'
Mark Simon, Chief Executive, Eelpower, said
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About Centrica Business Solutions
Centrica Business Solutions is part of Centrica plc, a leading international energy services and solutions provider, founded on a 200-year heritage of serving people.
We are at the forefront of distributed energy. In addition to supplying gas and electricity to over 370,000 British businesses, we help organisations take advantage of the changing energy landscape by building intelligent, end-to-end solutions that power their performance, resilience and business vision.
Our vision is an energy future driven by artificial intelligence platforms and algorithms that help better manage supply and demand and turn homes and businesses into virtual power plants. We currently manage 2.1GW of flexible demand side response assets for industrial and residential consumers.
We are focused on satisfying the changing needs of our customers, enabling them to transition to a lower carbon future. Our aim is to reduce emissions in line with the Paris climate goals by 2030 and develop a path to net zero by 2050.
The team at Eelpower have been at the forefront of the development of the UK's new electricity infrastructure: from building the first solar farms in UK in 2010, to run-of-river hydropower in 2014 and installing the first co-located batteries on solar in 2014 and hydro in 2017. Eelpower has pioneered the ownership and operation of large scale front-of-the-meter batteries in the UK, including delivery of the first and most valuable long term dynamic FFR contracts for the National Grid.
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