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bp announces deal with investment company Harmony Energy Income Trust for physical power trading and optimization

  • The agreement will provide physical power trading and optimization services for two of Harmony’s battery energy storage systems (BESS) totalling more than 80MW / 160MWh, set to come online in the first half of 2024
  • The assets can power roughly 200,000 homes for two hours. They will provide extra capacity to the GB power grid during peak demand and will support stability and management of fluctuations in renewable supply

bp has signed an agreement with battery storage investment company Harmony Energy Income Trust (HEIT) to provide physical power trading and optimization services to two projects aimed at providing an extra 80MW / 160MWh of flexibility to the GB power grid, which are planned to come online in the first half of 2024.

The agreement will see bp work on two HEIT projects: Hawthorn Pit (49.9MW / 99.8MWh) and Wormald Green (33MW / 66MWh). The projects will enable power from the grid during low demand periods to be stored and later deployed to provide stability during high periods of demand and to help the grid manage greater fluctuations in supply as more power is generated from renewable sources such as wind and solar.

The projects will be the first new BESS assets bp has contracted to optimize since its acquisition and integration of the digital energy platform Open Energi in 2021. The software developed by Open Energi will enable real-time insight and decision-making to connect HEIT’s assets with power markets through bp’s trading business.

Hormoz Ala, senior manager in European power, bp, says: “This deal represents a significant opportunity to combine bp’s established experience in power trading with Harmony’s track record in battery development to help safeguard the stability of the GB power grid as we all work to transition to a Net Zero future.

“This project is also an example of how real-time decision-making, provided by bp’s power trading team and the Open Energi platform, allows new ways for us to provide grid support optimization in the future. As bp looks to transform into an integrated energy company, it is vital that we continue to develop and diversify our own business to continue to perform for customers, investors and the energy market.

“Signing this agreement with a leading battery owner such as Harmony Energy Income Trust confirms market confidence in our optimization capabilities in this rapidly growing market.”

Paul Mason, managing director of HEIT’s Investment Adviser, says: “As we move into a period of increased market complexity, with a wider range of revenue streams available to BESS projects, selecting the right revenue optimization partners is increasingly important. This agreement embodies a shared focus on innovation and sustainability, which is underpinned by the sophistication and experience offered by bp’s Open Energi platform and our rapidly growing portfolio of two-hour duration batteries.”

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