London, 24th November 2017
Businesses using Origami Energy’s intelligent technology platform and services are profiting from its expertise in preparing bids for Firm Frequency Response (FFR) contracts, according to recent data. Since entering the market, Origami Energy has won more than 80% of the hours it has tendered to National Grid.
System frequency is a continuously changing variable that is determined and controlled by the real-time balance between system demand and total generation. To enable this, National Grid uses a range of balancing services, including Firm Frequency Response (FFR). In response to the system frequency, National Grid uses FFR to automatically instruct owners of assets that generate or consume electricity to reduce demand or increase supply.
National Grid procures FFR through a monthly tender process that assesses the quality, quantity and cost-effectiveness of bids for FFR services from pre-qualified providers. Since entering the market, Origami Energy has won 84% of the total hours that its contracted assets are capable of delivering.
Last month, National Grid accepted 100% of Origami Energy’s bids; on average it only accepts 25% of all bids submitted, according to data published by National Grid. This outstanding rate of bid success means that Origami Energy’s partners earn more money for the assets they manage.
“With only about 15-25% of bids typically accepted in a given month, competing in the dynamic and static FFR markets can be a daunting prospect for customers,” stated Peter Bance, chief executive, Origami Energy. “The market is becoming increasingly complex with the number of monthly tenders growing steadily through 2017. To achieve success, you have to manage many variables, including multiple time scales as well as price.”
“We can attribute our success rate to our depth of analysis and the expertise within our data science team. We are proud to consistently provide tenders that National Grid values in its grid balancing efforts, and more importantly, which increase our customers’ profitability.”
Origami Energy’s technology enables contracted assets to be remotely and quickly configured as and when National Grid changes the parameters governing its flexibility services, ensuring that its customers can lock-in additional revenues into the future.
If you have flexible energy assets and would like to know more about the opportunity to monetise them, please get in touch.
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