Statkraft signs Trading and Optimisation Services Agreement with Eku Energy

Statkraft, Europe’s largest renewable power generator, and a leading provider of market access and optimisation services has signed a Trading and Optimisation Services Agreement with global energy storage developer Eku Energy.

The 40 MW Loudwater Battery Energy Storage System (BESS), which is currently under construction, is expected to be commissioned by mid-2025, and represents Eku Energy’s second battery asset to enter construction in the UK. Statkraft will provide optimisation and trading services, to maximise the value of the storage flexibility across the wholesale and ancillary service markets on behalf of Eku Energy.

This agreement brings Statkraft’s contracted capacity in its third-party distributed flexible generation and battery storage optimisation portfolio to approximately 2.7GW in Great Britain, further cementing the company’s leading position within the industry.

Statkraft’s flexible generation optimisation and trading services business, which was launched in 2018, continues to attract new customers and enables customers to maximise revenues associated with investments in flexible assets. This deal adds to the range of customers joining Statkraft’s flex portfolio which now includes around a quarter of third-party flex in the market. 

Statkraft’s London-based team are the leading long-term traders in energy transition trading in the UK, with over 4.5GW of long-term renewable PPAs under contract, almost all of which is third party. Recent innovative solutions for customers have included industry-firsts such as forward trades on battery assets and a Quality Factor Index Swap. 

Future ambitions include playing a big part in supporting green hydrogen projects in the UK, enabling customers to get their projects financed and fully optimised in the energy market.

Nick Heyward, Statkraft’s Head of Storage for Markets in UK and Ireland, said: “We’re pleased to be entering into a new partnership with Eku Energy, and welcoming its Loudwater BESS into our market-leading portfolio of flexible assets.

“Through our flexible-asset optimisation capabilities and innovative battery hedging solutions, we look forward to supporting Eku Energy in delivering key energy transition projects such as Loudwater, and we hope to further expand our collaboration in the coming years.” 

Elias Saba, Chief Technology Officer at Eku Energy said: “We are delighted to be partnering with Statkraft for the optimisation and trading of our Loudwater battery. Throughout our engagement, Statkraft demonstrated their advanced optimisation capabilities and innovative trading offerings and we look forward to working with Statkraft on maximising the value of Loudwater BESS.”