Posted on: 06/11/2018
The seasons change, the clocks go back and as winter beckons, we see the first major reductions to Triad payments kick in and further reform to imbalance pricing implemented. The need for asset optimisation services has never been stronger as SmartestEnergy launched their new Managed Flexibility product on Thursday 25th October.
That launch saw 6MW of flexible peak generation remotely dispatched through their online portal, to deliver power actively traded by SmartestEnergy in the energy spot markets.
Using technology, provided by Origami Energy to integrate distributed assets from Somerset to York, SmartestEnergy is able to monitor the availability of flexible assets in real time.
SmartestEnergy’s market experts analyse the commercial opportunities for these assets in the wholesale markets and balancing services and ensure the assets provide the right service at the right time.
In addition to these specialised peaking assets, SmartestEnergy is also prototyping demand turndown services for large consumers of electricity this winter. They are providing businesses with an opportunity to further benefit from managing flexibility in operations that already allow them to reduce demand during Triad periods and participate in the Capacity Market.
Last winter saw short term peak prices rise above £500/MWh against an average winter price of £58/MWh and already since the product launch prices have exceeded £120/MWh, showing the potential for active customers to monetise their flexible assets.
James Graham, Vice President of Asset Optimisation at SmartestEnergy, said “We have built an asset optimisation capability to ensure SmartestEnergy and our customers can both support and benefit from the transition to a smarter flexible energy system. Our customers already play a big role in the decarbonisation of UK energy and want to work with us to continue to deliver innovative and commercially viable solutions that support further growth of renewable generation. The pace of change has been rapid, challenging and exciting, so it’s important to leverage technology to support continually evolving requirements. I’m very proud of what the team have built so far and look forward to the next big product launch in 2019”
Peter Bance, CEO of Origami Energy, said “Origami’s secure, versatile and powerful technology platform along with SmartestEnergy’s customer and market expertise enables customers to unlock new revenue opportunities and be prepared for however the energy market evolves”
Robert Groves, CEO of SmartestEnergy said “We have designed our business around this new energy future where increasingly our customers will generate and consume electricity to provide balancing services as ‘prosumers’. Many overseas markets already show the importance and value of such flexible distribution connected assets acting in the ancillary markets and the UK is heading towards that tipping point.”
> For more information about SmartestEnergy's Asset Optimisation services, download our guide to unlocking the value in flexible assets