Gresham House selects EDF to unlock revenue streams

Gresham House New Energy (the clean energy division of investment manager Gresham House) has chosen EDF Energy to optimise 20 MW of battery storage and 4 MW of generation assets owned by the Gresham House Energy Storage Fund.

As part of the deal, EDF Energy will work alongside technology partner Upside Energy to open up available revenue streams and maximise ancillary services within the energy market.

Gresham House opted to work with EDF Energy due to the company’s extensive experience, as well as its innovative optimisation platform, PowerShift. EDF Energy will implement the Powershift platform to optimise assets at Gresham House’s Rufford and Littlebrook sites, with a combined 24 MW of battery storage and generation assets. The platform will provide three categories of revenue, including:

  • Ancillary services, where EDF Energy will manage the asset on all the services and programmes available through the National Grid;
  • Load shifting, which will see EDF Energy dispatch assets according to non-energy costs and EDF TRIAD forecasts;
  • Wholesale Optimisation, for which EDF Energy will apply their knowledge of the energy market and dispatch each asset against day ahead, within day and cash out prices, as well using the balancing mechanism.

Upside Energy will provide a unique mix of advanced technology and commercial intelligence to ensure that renewable assets achieve the greatest return on investment.

Gresham House has developed a large number of storage assets in support of the National Grid and is the latest in a series of asset owners to be working with EDF Energy and Upside. This comes as battery storage becomes increasingly important to the energy system, supporting the transition to low-carbon and renewable energy sources. Storage assets will play a growing role in mitigating events such as the significant power outages that impacted London and UK in early August.

Vincent de Rul, director of energy eolutions at EDF Energy, says: “It’s an important time for battery storage, as events like the recent UK blackout confirm. The UK’s successful transition to a low-carbon future will increasingly draw on optimisation of assets like these alongside low-carbon generation.

“We’re thrilled to be working with Gresham House as they realised the revenue opportunity in battery storage early on. We firmly believe that with our wholesale market expertise and trading capabilities we’ll be able to secure revenue value into the long-term.”

Ben Guest, head of Gresham House New Energy and lead fund manager of the Gresham House Energy Storage Fund, says: “Our battery storage portfolio aims to generate sustainable financial returns for our investors while supporting the UK’s transition away from fossil fuels and towards clean energy. 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.”

Devrim Celal, CEO of Upside says: “Technology is playing an increasing role in the transformation of our energy system. We are delighted to be working with our partners to drive forward the UK’s move to a clean energy future.”

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