Octopus Energy Group’s KrakenFlex to enable Danske Commodities to access the UK and other flexibility markets
Manchester, 22 April 2022 - Energy trading company Danske Commodities and KrakenFlex, the energy flexibility arm of Octopus Energy Group, have signed a five-year agreement that will see Danske Commodities contribute to grid flexibility across Europe and America, starting with their first move into the UK market.
KrakenFlex will enable Danske Commodities’ trading team to expand their trading capabilities into the UK flexibility market. Danske Commodities has a strategic ambition to become a leading flexibility trader, optimising assets across wholesale markets such as day-ahead auctions and continuous intraday as well as National Grid ESO markets such as Dynamic Containment, Dynamic Moderation, Dynamic Regulation and the Balancing Mechanism.
Danske Commodities is one of Europe’s biggest energy traders, specialising in short-term trading, risk management and asset optimisation services. The company manages 7,000 MW of solar and wind farms and 1,000 MW of flexible assets on behalf of customers.
The KrakenFlex deep-tech platform enables asset owners, energy traders, energy suppliers and system operators to monitor and manage their solar panels, batteries, and electric cars (so called ‘distributed energy devices’) in real-time. This allows users to control the performance of their assets, monitoring both physical and financial performance and optimising their management for the best outcome.
KrakenFlex is currently contracted to manage over 1,300 MW across 1,200 green energy assets with a further 2,000 MW of renewable energy to come online in early 2022. The platform is targeting management of 100,000 devices and 6,000 MW of energy capacity by 2023.
Devrim Celal, CEO of KrakenFlex, said: “Danske Commodities are already specialists in asset optimisation, so to have them license KrakenFlex is a very exciting partnership for us and we are excited to see them utilise our platform to the fullest extent. They join our growing portfolio of international partners and this new deal is a clear demonstration of our ambition, as part of the Octopus Energy Group, to see our technology drive the transition to clean energy worldwide.”
Tor Mosegaard, VP Head of European Power Trading at Danske Commodities, said: “Danske Commodities has built a strong setup for algorithmic energy trading, with 75% of all intraday trades now handled by automated trading solutions. To reach the next level, we are partnering up with KrakenFlex to leverage on their cutting-edge technology as we bring our trading expertise to the flexibility market. We look forward to expanding our product and market coverage for flexible assets in the years to come.”
ENDS
About Danske Commodities:
Danske Commodities is a leading energy trading house. They trade power and gas across borders and use their market knowledge and 24-hour trading setup to support customers through tailor-made services, targeting renewable producers, conventional assets and energy suppliers.