Spanish renewable energy company Gransolar Group’s battery division, E22, has signed an agreement with Fluence to deploy the Fluence IQ Bidding Application at its first battery-based energy storage project in Australia – a 5 MW / 7.5 MWh system in Victoria. This project represents an exciting new market segment for Fluence in providing digital products to the emerging small grid-scale (<5 MW) energy storage market. It also demonstrates Fluence’s independent, technology-agnostic business model and ability to provide digital products and services to third-party project developers and energy storage system providers.
Located in Longwarry, Victoria, the lithium-ion battery project is under construction and expected to achieve energisation in mid-2022. The Longwarry energy storage system will give full support to the distribution network operator Ausnet via a Network Support Agreement (NSA) during times of high congestion in the summer and will participate in wholesale markets the rest of the time. The Fluence IQ Bidding Application will optimise the bidding strategy of the Longwarry energy storage system to ensure it maximises wholesale market revenue whilst also delivering on its commitments to support the local distribution network.
“Fluence’s Bidding Application will allow us to maximise the revenue performance of our first energy storage project in Australia, as well as meet our requirements as part of our Network Services Agreement with Ausnet. In addition to the Longwarry project, we are excited by the prospect of a continuing collaboration with Fluence in Australia,” said Jaime Vega, General Manager at E22.
The Bidding Application analyses thousands of variables to provide leading price forecasting and optimisation using proprietary machine learning algorithms, enabling battery asset owners and operators like Gransolar/E22 to optimise bidding and dispatch in Australia’s National Electricity Market (NEM). The resulting market-compliant bids can increase revenue for energy storage owners and operators, whilst also incorporating complex off-market contract structures such as NSAs.
“We are very pleased to help Gransolar/E22 maximise the performance of its first energy storage project in the NEM and navigate the volatility and complexities of Australia’s energy market. As grid-scale energy storage plays an increasing role in Australia’s clean energy transition, we see a growing need for AI-based bidding software to manage these renewable assets. Co-optimising the full value stack of wholesale market participation simultaneously with the demands of a network support agreement is a complex task that requires a powerful software layer.” Fluence’s Chief Digital Officer Seyed Madaeni commented.
Image source: Courtesy of Fluence
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