Irish energy trading firm ElectroRoute has secured a deal to provide trading services to a €150 million electricity storage project in Offaly that is set to become one of the largest developments of its kind in Europe.
Construction is currently underway on the two energy storage sites at Lumcloon and Shannonbridge and once operational, the units will represent the largest operating batteries on the island of Ireland and one of the largest portfolios in Europe. Hanwha has confirmed that €150 million is being invested in the project, which is supporting over 200 jobs during construction with around 20 permanent jobs at completion.
This major battery project will significantly support Ireland’s transition to a renewables-based electricity grid, and to ultimately meeting climate targets, by providing the grid stability services which are required to ensure a secure electricity system with high renewable penetration. Electroroute’s trading services are integral to this by ensuring 24/7 access to market and providing all regulatory and risk-management solutions for developers.
ElectroRoute is a specialist energy trading business which has grown rapidly from a start-up in 2011 to now employing over 80 professionals located throughout Ireland, the UK and Japan. Uniquely positioned at the crossroads of international energy markets, ElectroRoute trades energy 24 hours a day across the entire spectrum, including spot trading, futures trading, commodities and green certificates trading. The partnership with Hanwha and Lumcloon will see it deploy its in-house Virtual Power Plant and 24/7 trading platform for battery technology.
While this is one of the first battery projects of significant scale in Ireland, a recent IWEA (Irish Wind Energy Association) report estimates that the country could require total battery capacity of 1,700MW of batteries on the island of Ireland by 2030 as part of the island’s drive to achieve a 70% renewable target by 2030.
Commenting on the agreement, Brian Kennedy, Head of Trading Solutions at ElectroRoute said: “We’re delighted to have been selected to support Hanwha and Lumcloon with trading solutions for this significant portfolio of batteries in Ireland. It is our first significant battery project and the culmination of considerable work in developing the right technology and systems.”
“We’re excited by the prospect of adding further projects to our portfolio and working proactively with our clients to provide best in class solutions which manage their risk profile as it changes with the development of the energy market.”
Mr Kennedy also noted, “There is a growing consensus worldwide that countries need to pursue environmentally-friendly energy solutions as part of the quest for energy security. Our trading solutions will enable our clients to help create leadership positions in renewable and flexibility markets.”
Hanwha Energy Business Development Senior Vice President Mr. James Jonghyuk Lee added: “We are delighted to announce that ElectroRoute will provide trading services for our 200MW portfolio in Ireland for our first entry into the Irish market. ElectroRoute’s strong knowledge and experience in the market, combined with their 24/7 trading desk made them the obvious choice of trader to collaborate with on this project and we look forward to continuing our successful relationship.”