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The agreement with Harmony Energy Income Trust (HEIT) will service two of HEIT’s battery energy storage systems (BESS).
bp signed and HEIT, a battery storage investment company, to provide physical power trading and optimization services to two projects that will provide an extra 80 MW/160 MWh of flexibility to the GB power grid during peak demand. Both are slated to go online in the first half of 2024. The company said these can power 200,000 homes for two hours.
“This deal represents a significant opportunity to combine bp’s established experience in power trading with Harmony’s track record in battery development to help safeguard the stability of the GB power grid as we all work to transition to a net-zero future,” said Hormoz Ala, senior manager in European power, bp.
Per the agreement, bp will work on Hawthorn Pit (49.9 MW/99.8 MWh) and Wormald Green (33 MW/66 MWh). During low-demand periods, power from the grid will be stored and deployed during high-demand periods to help stabilize the grid and manage greater fluctuations in supply as more power is generated from renewable sources.
“This project is also an example of how real-time decision-making, provided by bp’s power trading team and the Open Energi platform, allows new ways for us to provide grid support optimization in the future,” Ala said. “Signing this agreement with a battery owner confirms market confidence in our optimization capabilities in this rapidly growing market.”
Open Energi’s software enables real-time insight and decision-making to connect HEIT’s assets with power markets through bp’s trading business.
“As we move into a period of increased market complexity, with a wider range of revenue streams available to BESS projects, selecting the right revenue optimization partners is increasingly important,” said Paul Mason, managing director of HEIT’s Investment Adviser. “This agreement embodies a shared focus on innovation and sustainability, which is underpinned by the sophistication and experience offered by bp’s Open Energi platform and our rapidly growing portfolio of two-hour duration batteries.”