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Open Energi unveils Erova deal as the two target up to 500MW of asset optimisation

Image: Open Energi.

Image: Open Energi.

Open Energi is to target the opitmisation of up to 500MW of assets in a new partnership with Erova Energy.

The two are launching the Dynamic Demand 2.0 Trader, claiming it to be the first partnership of its kind, offering fully automated algorithmic optimisation and route-to-market services.

In the first 18 months of their partnership, the companies will target 300-500MW of flexibility assets.

The flexibility of both battery storage and gas peaker plants will be maximised by accessing traded revenues via the wholesale market and Balancing Mechanism, the companies said.

The Dynamic Demand 2.0 Trader will benefit from Open Energi’s ability to optimise asset positioning in volatile traded markets through its Dynamic Demand 2.0 machine learning-led automated control platform.

Erova Energy is to bring its automated price forecasting and market insight capabilities to the partnership to boost the achievable revenues.

Assets will continuously re-optimise and take positions automatically, but there is also the ability to manually override dispatch through Erova Energy’s 24-hour trading desk to take full advantage during extreme pricing events.

The UK saw a spike in pricing last week as the electricity system price jumped to over £2,000/kWh following lower than expected wind generation.

David Hill, director of Open Energi, said the partnership allowed both companies to play to their strengths, with Erova having a “great reputation” for innovation and trading.

“Our energy market continues to evolve rapidly and storage and infrastructure developers are crying out for agile, innovative solutions to maximise the return on their investment,” Hill added.

A number of companies are making plays in the asset optimisation space, including Big Six utility EDF, which has landed a contract for the optimisation of a 20MW storage site owned by Gresham House.

Gresham House has also made deals with Habitat Energy and KiWi Power for the optimisation of its battery storage assets.

Open Energi, meanwhile, partnered Zenobe for the optimisation of its Hill Farm battery in September 2019.

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