Victorian Large Battery. Picture: Victoria State authorities.
Neoen noticed its energy storage revenues triple within the first half of this yr, pushed by its Victorian Large Battery in Australia, the place the corporate has established itself as a key market participant.
The French renewable energy developer and impartial energy producer (IPP) revealed its newest monetary outcomes final week. It earned €99.5 million (US$101.38 million) income from its {solar} PV enterprise division, €66.2 million from wind and €39.3 million from energy storage.
However whereas all three segments noticed will increase in revenues from the identical interval within the earlier yr, with {solar} PV up 17% and wind up 28%, in energy storage revenues for H1 2022 had been 2.9 instances increased than in H1 2021, when Neoen earned €13.4 million from the section.
The rise in energy storage income was pushed largely by Neoen’s Victorian Large Battery mission, which got here on-line initially of this yr and at 300MW/450MWh is Australia’s largest battery energy storage system (BESS) facility.
The Victorian Large Battery benefitted from three separate income streams for various functions: participation within the Nationwide Electrical energy Market’s frequency management ancillary companies (FCAS) market, energy arbitrage and thru a capability reserve contract by the System Integrity Safety Scheme (SIPS) of the Australian Energy Market Operator (AEMO).
The latter is a long-term contract to offer 250MW that may allow the interconnected electrical energy system between the states of Victoria and New South Wales to deal with extra load at peak instances.
Hornsdale Power Reserve also has a SIPS contract, with AEMO and transmission operator ElectraNet, along with the Victorian Large Battery marking two comparatively uncommon examples of long-term contracted revenues for batteries in Australia, a market in any other case dominated by service provider income constructions.
The corporate famous that two different battery property in its portfolio, Hornsdale Energy Reserve in South Australia and the 30MW Yllikkälä Energy Reserve One in Finland contributed to an total efficiency that meant energy storage’s contribution to Neoen’s half-year income whole went from 8% in H1 2021 to 18% in H1 2022.
Storage adjusted EBITDA was €29.2 million for H1 2022, once more an enormous soar from H1 2021’s €11.1 million. Nonetheless, EBITDA margin was increased by proportion within the first half of final yr, 83%, versus a still-very-healthy 72% within the first half of 2022.
Having already put in two well-known large-scale tasks in Hornsdale Energy Reserve and the Victorian Large Battery, each of which use Tesla Megapack BESS models, Neoen has just a few different Australia tasks in improvement or building.
Different highlights for the primary half of the yr for the corporate included 92.5MW and 80MW renewables public sale wins for {solar} tasks in France and Eire respectively and wind farm contracts and tasks in Sweden, Finland and France.
Neoen revised its EBITDA steering for it monetary yr – which ends on 31 December – upwards from a beforehand provided €360 million to €375 million to a variety of between €380 million to €400 million.
The project is located in Scurry County, Texas. Image: RWE / Burns & McDonnell.
Engineering, procurement and construction (EPC) firm Burns & McDonnell is providing its services for Texas Waves II, a 30MW battery energy storage system (BESS) by RWE.
The 30MW, one-hour system in Scurry County will provide load shifting and grid support services according to a press release. It is expected to come online in late 2022 according to project owner RWE, the Germany-based global energy firm.
Burns & McDonnell described the project as a ‘standalone’ BESS, while in a press release last month that announced the installation of the project’s inverters, RWE said the unit was co-located with the existing Pyron Wind Farm. The EPC firm did say that the battery would charge from the wind farm.
Chris Ruckman, vice president of energy storage at Burns & McDonnell, said: “Adding battery storage in the ERCOT market will be a valuable asset for RWE as they continue supporting their customers with clean, reliable energy.”
ERCOT stands for the Electric Reliability Council of Texas, the grid operator for the majority of the Lone Star State.
Burns & McDonnell said the BESS consists of owner-provided CATL EnerOne battery racks populated with lithium iron phosphate (LFP) battery modules. CATL, based in China, is the largest lithium-ion battery manufacturer in the world today by units sold.
The EPC firm will provide all engineering services for the project, and will install the racks, medium-voltage power station (MVPS) and balance of system (BOS) equipment. The work also includes modifying the existing substation, including installation of a new 34.5-kV vacuum breaker, interconnection details, protective relaying and metering upgrades.
A render of the challenge. Picture: Eesti Energia.
State-owned Estonian energy firm Eesti Energia is planning to construct a 225MW pumped hydro energy storage facility, as a part of a wider push to turn out to be unbiased of Russian energy.
The corporate has began finishing up preliminary design and environmental influence evaluation for the works which might be accomplished by 2025-26.
This implies it might be accomplished in time for the Baltic area together with Estonia’s deliberate connection to the continental electrical energy system – and concurrent disconnection from the Russian energy system – in 2026.
The pumped hydro energy storage plant is being deliberate for the commercial space of a now closed oil shale mine within the northeast county of Ida-Virumaa.
Eesti Energia stated it’s not conscious of disused mines getting used as reservoirs for pumped hydro wherever else, and that the idea might be exported to international locations whose land reduction makes standard pumped hydro energy storage tough.
The plan, illustrated within the above picture, is for the higher reservoir to be constructed on a tailings dam, an earth-fill embankment used to retailer byproducts of mining, whereas the closed mine underground will probably be used because the decrease reservoir.
The Baltic states are at present a part of Russia’s electrical energy system however are looking for to disconnect and synchronise with continental Europe’s by a connector between Poland and Lithuania, the Harmony Link project.
Trying elsewhere, the pumped hydro energy space for storing has seen just a few substantial large-scale tasks commissioned just lately. Though small in quantity in comparison with BESS models, the scale of the tasks means every one has a big impact on the native grid.
Redflow CEO and managing director Tim Harris with the corporate’s stream battery items. Picture: Redflow
Australia-based zinc-bromine stream battery firm Redflow, which has a market cap of practically US$60 million, has halted inventory market buying and selling because it prepares a capital elevate.
The ASX-listed firm introduced the halt right now (11 August) which can proceed till Monday 15 August or when it pronounces the capital elevate, whichever is sooner. It stated the cease in buying and selling was essential to make the announcement.
It has not but revealed how a lot it’s planning to boost however previous strikes, its present dimension and up to date statements could give a tough thought.
The corporate has a market capitalisation of UA$81 million (US$57 million) on the time of writing, and in July 2021 it raised AU$5 million from company finance agency New Expertise Capital Group.
And in an investor presentation launched concurrently with the buying and selling halt announcement, it stated it requires AU$6 million in extra capex to ramp up its Thailand manufacturing facility from 30MWh (finish 2022) to 80MWh by the top of 2023.
The presentation outlined the worth proposition for non-lithium batteries for lengthy period energy storage (LDES) and, extra particularly, its personal zinc bromine expertise.
It cited commerce group LDES Council’s figures that say world cumulative LDES (outlined as eight hours-plus period) deployments may attain 85-140TWh by 2040, and stated the market is more and more wanting past lithium-ion to do that. It cited 1,124% and 106% will increase in lithium and cobalt costs respectively during the last yr and a half, versus simply 48% and 29% respective rises for zinc and bromine.
And throughout the stream battery house, Reflow claims its expertise has an energy and energy density as much as 3 times greater than iron stream, vanadium and different zinc-based batteries.
Its principal markets to-date have been Australia and the US and it serves these from a producing facility in Thailand which is about to finish 2022 with a 30MWh annual manufacturing capability. It expects this to extend to 80MWh by end-2023, for which the AU$6 million might be required.
Final week, the corporate introduced that it had gained a young to offer 180kWh of battery storage as principal provider to the Australian authorities’s Bureau of Meteorology emissions discount and reliability undertaking. Redflow will provide 18 of its 10kWh ZBM batteries to provide energy for crucial infrastructure.
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