07 June 2024 , 06:44
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Octopus Energy Group has inked a world-leading battery-leasing deal with Gresham House, the energy titan announced.
The landmark agreement sees Gresham House leasing a massive 900 MWh of its portfolio management to Octopus Energy Group's state-of-the-art Kraken platform. This "groundbreaking" arrangement plans to "revolutionise asset optimisation" through Kraken, aiming to slash the staggering £800million annual "curtailment" costs. It promises a more effective and efficient grid system that could drive down energy costs for everyone.
The partnership will see just over half of GRID's hefty battery storage capacity linked up with Octopus' Kraken technology. Since its launch in 2018, GRID has become the UK's largest battery energy storage fund, boasting ownership of 20% of the nation's battery storage market.
Under the new deal, Octopus will manage over half of GRID's extensive battery storage operations across the UK for the next two years. These 14 large-scale batteries have the capability to store upwards of 900MWh of renewable energy that's enough juice to power a million homes for an hour or light up a city as big as Birmingham.
Kieron Stopforth, Head of Flexibility at Octopus Energy, commented on the significance of the deal: "Every year the UK loses hundreds of gigawatt-hours of clean energy because our system isn't flexible enough to keep it PLUS have to pay for this senseless waste."
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He added, "Batteries unlock the clean and cheap energy system, storing green energy when it's plentiful and providing it back to the grid when energy is expensive - and work even better with brilliant tech to manage that optimisation. Through this landmark deal with Gresham House Energy Storage Fund, we're not only increasing the size of our virtual power plant to over 1.5GW, we're also unlocking the power of flexibility, aiming to drive down grid costs."
Meanwhile, Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc and Managing Director of Gresham House New Energy, stated: "These new contracts with Octopus Energy secure revenues which are above those currently being achieved in the national market, demonstrating the value batteries can provide in balancing supply and demand for retail and wholesale market players."