EDF and Zenobe announce battery trading deal
Zenobe Energy has partnered with EDF to jointly trade and optimise 59MW of its grid scale battery portfolio. Consisting of Zenobe’s already operational battery assets in Claredown, Aylesford and Kings Barn, this new partnership with EDF will further extend Zenobe’s access to the wholesale market and balancing mechanism by utilising EDF’s industry leading trading expertise. The deal also includes contracts for supply and offtake of energy.
The two companies will work together to maximise return on investments. The deal enables Zenobe to work collaboratively with EDF’s trading team and select asset trading strategies in line with fast evolving market conditions. EDF will provide Zenobe with a floor price ensuring minimum income levels are protected.
Zenobe’s founder director Steven Meersman said: “This structure offers us a great deal of optionality. We can continue to build on our market leading bidding capability for balancing services and leverage EDF’s outstanding trading team through their Powershift trading platform to enhance revenue. It allows us to retainoverall control on allocating the assets for maximum benefit. We’ve been impressed by the EDF team’s ability to respond to the commercial needs of an owner-operator such as ourselves with a really flexible, innovative deal structure.”
Stuart Fenner, Commercial lead at EDF added “We are determined to play a major role in this market. This deal with one of the leading owner-operators in the UK demonstrates the strength of both our trading team’s expertise and our commercial scale as an organisation which has enabled us to develop a truly innovative deal for Zenobe. We’re a key player in the distributed energy asset management sector in Europe and we intend to build on this success as we grow our UK portfolio.”