Generators can benefit from wider access to Erova’s Balancing Mechanism service
LONDON – 10th December 2020
Erova Energy, the dynamic energy trading provider, has been approved by Elexon as a Virtual Lead Party. The new agreement will see Erova providing wider access to the Balancing Mechanism for its generators through its Erova.io platform.
The license will enable more generators to sign up to the energy trading platform, which help to increase the flexibility of the National Grid, ensuring electricity demand is balanced, especially during peak usage times or times of low generation. It will also support the deployment of more renewables on the Grid, delivering long term sustainability benefits.
Erova.io is a Virtual Power Plant (VPP) platform that enables generators to manage the aggregation, forecasting and trading position across their entire asset portfolio. The Erova trading team brings to market extensive experience in managing large gas fired power plants within the Balancing Mechanism.
Following the recent Elexon approval, Erova can now provide Balancing Mechanism access to a wider range of embedded and supplier registered assets. It will also enable Erova to create additional revenue stream to deliver subside free onshore wind or solar.
“The energy market is at a pivot point as generators strive for new and innovative ways to manage their assets,” said Nick Williams, Director of Origination at Erova. “The Covid-19 pandemic has created new demands in electricity usage. Our partnership with Elexon will enable us to provide power generators with a more agile and flexible model to meet changing market expectations.”
Erova currently manages over 700MW of renewable generation across a range of Route to Market structures including Power Purchase Agreements in Ireland and the UK. During the past 12 months Erova has continued to develop their trading platform to include Battery Storage and Gas Peaking plants.
The Virtual Lead Party role was created as part of a Wider Access initiative by both National Grid ESO and Elexon to enable a wider participation of assets and customers into the Balancing Mechanism. By increasing the availability to more assets National Grid ESO aims to develop a more flexible system especially as more intermittent generation joins the UK fuel mix and with recent fluctuations in electricity demands following the Covid-19 crisis.
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About Erova Energy:
Erova was established in 2015 and has grown rapidly in both financial strength and products offered to the market. Having created a bespoke trading platform with 24/7/365 operation capabilities and trading across the full energy spectrum (power, gas and certificates), Erova has been able to offer bespoke route -to-market agreements in the UK and Ireland. A-rated Mitsui & Co invested in the company in March 2018. See https://erovaenergy.com
Enquiries
For all enquiries, please contact Nick Williams on +44 (0)7733 184654 or email nick.williams@erovaenergy.ie