27.02.2024 / News
Welcome on Board Eku Energy
The European Association for Storage of Energy (EASE) is glad to extend a warm welcome to its newest member Eku Energy who joined EASE in January 2024. Nicky Ferguson, Principal Policy Manager, accepted to discuss with us about the expertise of Eku Energy, in energy storage and expectations from this collaboration with EASE.
EASE: Thank you for accepting this interview. We're delighted to have Eku Energy as a new member. Can you provide an overview of Eku Energy’s activities in the energy storage sector and share some key insights from your company's work in this field?
Eku Energy is a global battery storage business working across the full project life cycle to develop, build, and manage energy storage assets for the long-term.
The company was launched in November 2022, and is jointly owned by a Macquarie Asset Management managed fund and British Columbia Investment Management Corporation (BCI).
Our purpose-built team brings together specialist technical capabilities, with experience across origination, development, system design, power markets and software optimisation. By combining technical, digital and financial innovation with a local partnership approach we aim to maximise the benefits of energy storage systems in any given location.
Already we have a global project portfolio of 4.6GWh - with over 1GWh operating or in construction - and are working hand-in-hand with system operators and governments to provide vital grid services in key markets around the world, including the UK, Australia, Italy, and Japan.
Our first battery went live in July last year, in the Latrobe Valley of Victoria, Australia. The 150MW/150MWh Hazelwood Battery Energy Storage System (BESS) marks a new era in Australia’s energy transition, as the first retired coal-fired power station to host a battery storage system and represented a key moment in repurposing former thermal assets for renewable energy technologies. Delivered in partnership with ENGIE, the project demonstrates the importance of collaboration in providing secure and reliable energy to support the energy transition.
EASE: We anticipate a fruitful collaboration and value your contributions to our Working Groups and Task Forces. What motivated Eku Energy to join EASE, and what specific areas or initiatives are you most excited about participating in within our association?
As a global investor developer Eku has a unique perspective on the energy storage value chain, and we hope to be able to contribute these learnings to the development of new markets and network services across Europe, from the monetisation of battery storage to the assessment of flexibility needs and strategies at a country-level.
We look forward to collaborating with industry colleagues on the ground and believe EASE will be invaluable in helping us to keep abreast of the latest market developments and news. We’re well place to provide a range of different perspectives to support the energy transition and look forward to doing so will the help of EASE’s political influence. Safety is also of paramount importance to us, and we wish to play an active role in supporting EASE’s ongoing work on EU level standards for supply chains and technology.
EASE: Looking ahead, how do you envision energy storage contributing to the ongoing energy transition? What role do you see Eku Energy playing in advancing and shaping the future of energy storage within this context?
We see three distinct market opportunities for battery energy storage, developing in waves as markets mature. It is our intention to play an active role in the development of these market opportunities to enable the delivery of energy storage at the pace and scale necessary to advance the clean energy transition.
- Real-time balancing – support the opening of new de-regulated ancillary products and services to enable greater levels of renewable penetration and reduce reliance on fossil fuel alternatives.
- Wholesale volatility – ensure market structures value flexibility so that cheaper, cleaner power can be delivered to customers quickly and at lowest cost.
- Network services – enable more efficient use of existing grid infrastructure through innovation in technical and contracting structures.
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