UK battery storage investor Gresham House has turned to EDF Energy and energy tech firm Upside Energy to optimise revenues from a 20MW storage project in the UK.
Under the contract, EDF will take the reins of the 20MW battery as well as 4MW of generation assets, and look to optimise its revenue stack, including ancillary services, load shifting and wholesale market access.
EDF is to use its PowerShift optimisation platform to do so and Ben Guest, Gresham’s lead fund manager for energy storage, talked up the need for asset optimisation for the storage asset class.
“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,” Guest added.
The UK’s battery storage market has continued to mature – perhaps best evidenced by the role it played in restoring power after last month’s blackout – and with it, the market’s approach to revenue stacking has moved beyond relying on a small number of revenue streams in favour of a more diverse base.
Vincent de Rul, director of energy solutions at EDF Energy, said last month’s blackout in the UK highlighted how important it was a time for battery storage in the UK.
“The UK’s successful transition to a low-carbon future will increasingly draw on optimisation of assets like these alongside low-carbon generation,” he said.