Energy trading firm Danske Commodities is to contribute to grid flexibility across Europe and America, having signed a five-year deal with Octopus Energy Group’s KrakenFlex.
The first step of this is a move into the UK market, with KrakenFlex to enable Danske Commodities’ trading team to expand their trading capabilities into the UK flexibility market.
Danske Commodities plans to optimise assets across wholesale markets such as day-ahead auctions and continuous intraday, as well as National Grid ESO markets such as Dynamic Containment, Dynamic Moderation and Dynamic Regulation as well as the Balancing Mechanism.
Currently, it manages 7,000MW of solar and wind farms and 1,000MW of flexible assets, with the company having ambitions of becoming a leading flexibility trader.
KrakenFlex, meanwhile, is currently contracted to manage over 1,300MW across 1,200 green energy assets with a further 2,000MW of renewable energy to come online in early 2022. It is targeting management of 100,000 devices and 6,000MW of energy capacity by 2023.
Earlier this year, it partnered with renewable energy solutions provider Hydro REIN for several asset optimisation projects across Europe and North America.
KrakenFlex’s platform enables asset owners, energy traders, energy suppliers and system operators to monitor and manage their solar panels, battery storage systems and electric cars in real time, therefore allowing users to control the performance of their assets, monitoring both physical and financial performance and optimising their management.
Devrim Celal, CEO of KrakenFlex, said: “Danske Commodities are already specialists in asset optimisation, so to have them license KrakenFlex is a very exciting partnership for us and we are excited to see them utilise our platform to the fullest extent.”
KrakenFlex – previously named Upside Energy – was acquired by Octopus Energy in 2020, a transaction which Celal told Current± has helped the company do more forward thinking and informing of policy, as well as growth.