Ørsted has appointed REMAP as marketing agent for its flexible generation and revenue optimisation services in the UK. Ørsted has granted REMAP a licence to use insights from its unique Balancing Mechanism algorithm to provide project development support to third-party developers and asset owners. Access to Ørsteds Balancing Mechanism algorithm gives REMAP the capability to provide the best-in-class revenue modelling to realise the true value in storage assets.
Kyle Worthington, Head of Power Origination at Ørsted, said: “Ørsted is a market leader in third party revenue optimisation in many technologies, so it made sense to expand our services to cater for batteries and flexible generation. We have developed and tested our software on Ørsted’s own UK battery asset, and through doing so, have gained valuable insight and experience which we can now pass on to third party clients.
“The flexible generation sector in the UK has potential for significant growth but is currently held back by lack of certainty of revenues and a mature route to market. We believe that projects can support unsubsidised revenue strategies, but we also recognise that assistance is needed at an early-stage in order to build a financeable business case. This is where REMAP come in”.
Paul Mason, Director of REMAP, highlights Ørsted’s reputation and track record as a great comfort to investors seeking assurance that the promoted revenue strategy can be delivered over the long term. He added: “The Ørsted-REMAP partnership is a powerful combination, offering developers end-to-end project support: from the earliest periods of project design, through the procurement, contracting and financing stage and during ongoing operations. REMAP offers specialist experience in Project Finance, revenue modelling, warranty and performance analysis. This fits perfectly with Ørsted’s flexible, algorithmic approach to revenue optimisation. Together, we ensure a project is optimised to deliver the specific goals of every asset owner”.
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore and onshore wind farms, solar farms and energy storage facilities, bioenergy plants and provides energy products to its customers. Headquartered in Denmark, Ørsted employs 6,500 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Ørsted). In 2018, the group’s revenue was DKK 76.9 billion ($11.4 billion). For more information on Ørsted, visit orsted.co.uk or follow us on Facebook, LinkedIn, Instagram and Twitter.