Nordic energy outfit Statkraft has entered the Irish power market with plans to both trade and balance wind generation.
The Norwegian company kicks off the new business stream with a deal to buy power for the next seven years from the 41.4MW Castledockrell wind farm in Wexford.
The deal coincides with the new ISEM single market launch on 1 October which requires all generators and suppliers to become “balancing responsible”.
Statkraft said: “With this agreement Castledockrell (pictured) will mitigate the trading risk that has emerged for wind farms as a result of the new electricity arrangement in Ireland. Both parties underline the good cooperation and efficiency in getting the PPA arrangements in place given tight timelines.”
The Norwegians are working with local consulting partners Captured Carbon Limited to build its relationship with customers and service the contracts in Ireland.
Statkraft UK director Duncan Dale said: “We are excited about this market entry and are pleased by the very positive feedback that we received from wind farm owners who welcome a new service provider.”
CCL managing director Duncan O’Toole said: “Statkraft’s market entry into Ireland will bring about increased competition and offers increased value to participants in the wholesale electricity market.
“The fact that it can offer its services to wind farms already in arrangements with other suppliers will introduce significant efficiencies that will positively impact electricity consumers and investors in the renewable electricity market in Ireland.”