Energy trading firm Erova Energy has boasted a surge in revenues, setting its sights on subsidy-free renewables and merchant battery storage as it looks to grow further.
Dublin-based Erova, which is backed by Mitsui, increased revenues to €129 million throughout its 2018 financial year, contributing towards a net profit of €4.9 million.
The company pointed to a number of developments throughout the year as having contributed to the performance, including the establishment of a new origination team, delivering its maiden power purchase agreement in the UK and tapping into Ireland’s nascent Integrated Single Energy Market (I-SEM) for the first time.
That change in Erova’s home market – moving from the previous Single Energy Market to I-SEM – presented a number of challenges, the company said, least of all the addition of balancing risks.
Critical to the company’s handling of such challenges, it said, was its trader-led virtual power plant software which utilises Erova’s in-house trading team and automated data collection and settlement processes to optimise asset performance.
The company now has around 700MW of assets under management in the UK, Ireland, Germany, France and the Netherlands, made up of 600MW of generation and 100MW of supply trading.
Erova is now turning its attentions to the nascent subsidy-free renewables market in Europe, and intends to collaborate with battery storage developers on merchant-based storage projects within its core marketplaces.
Speaking to Current±, Erova head of origination Nick Williams paid testament to the team’s work in delivering its performance to date.
“The whole team have worked hard over the past 18 months to develop our offering so that we can compete with some of the more established PPA providers. It’s great to be growing our market share in a competitive and volatile market whilst maintaining positive P&L throughout,” he said.
