Energy trading company Danske Commodities is expanding its capabilities in the UK energy flexibility market through an agreement with Octopus Energy’s KrakenFlex platform.
The five-year agreement covers Europe and the US markets, starting with the UK market.
Danske Commodities intends to become a leading flexibility trader, optimising assets across wholesale markets such as day-ahead auctions and continuous intraday as well as National Grid ESO markets such as Dynamic Containment, Dynamic Moderation, Dynamic Regulation and the Balancing Mechanism.
The company manages 7GW of solar and wind farms and 1GW of flexible assets, like batteries, on behalf of customers.
The KrakenFlex “deep-tech” software platform enables asset owners, energy traders, energy suppliers and system operators to monitor and manage their solar panels, batteries, and electric cars and other distributed assets in real-time.
This allows users to control the performance of their assets, monitoring both physical and financial performance and optimising their management for the best outcome.
KrakenFlex is contracted to manage over 1300MW across 1200 green energy assets with a further 2000MW of renewable energy to come online in early 2022.
The platform is targeting management of 100,000 devices and 6000MW of energy capacity by 2023.
Tor Mosegaard, who heads European power trading at Danske Commodities, said: “Danske Commodities has built a strong setup for algorithmic energy trading, with 75% of all intraday trades now handled by automated trading solutions.
“To reach the next level, we are partnering up with KrakenFlex to leverage on their cutting-edge technology as we bring our trading expertise to the flexibility market.
“We look forward to expanding our product and market coverage for flexible assets in the years to come.”