UK Power Reserve Breaks Through 1GW Ceiling
New contract wins at the Capacity Market have pushed UK Power Reserve’s portfolio past the 1 Gigawatt milestone, reinforcing its position as the leading provider of flexibility in the UK with the largest portfolio of its kind globally.
UK Power Reserve secured 200MW of gas-fired power capacity in this week’s T-4 Capacity Market auction, for delivery by October 2021. The company now has a total portfolio of 1013MW, with more than 500MW in operation providing much-needed low carbon, flexible energy to communities across England and Wales. Its nimble assets deliver essential balancing services to the grid and back up power for renewable energy sources, ensuring that the lights stay on when the wind doesn’t blow and the sun doesn’t shine.
UK Power Reserve already boasts a strong track record in the annual UK Capacity Markets – through four years of auctions to date it is the single largest developer of new build distributed generation projects, comprising a tenth of all new capacity due to come online. The portfolio also includes 120MW of battery storage projects, one of the biggest in Europe.
Its success has been translated into an ambitious build-out programme, with all 348MW of its 2014 Capacity Market commitments brought online well ahead of schedule. UK Power Reserve has already started construction of 160 MW of additional new build gas projects from the 2015 Capacity Market and is set to commence construction on the 120MW of new build battery projects secured in the 2016 Capacity Market. By the end of 2018, the company will be producing and storing more than 750MW.
Tim Emrich, CEO and Co-Founder, said: “We are excited to reaffirm UK Power Reserve’s position as one of the world’s largest flexible generators by crossing the 1GW mark. This Capacity Market auction has cleared at the lowest price ever, and in doing so has delivered tremendous value and security of supply for the UK consumer. It is complementary to the government’s decarbonisation policies, thereby allowing independents like UK Power Reserve to deliver cleaner and cheaper energy. This week’s auction represents a reshaping and re-engineering of the UK generation mix, delivering flexible, efficient, small scale gas generation, energy storage and demand side response to support a renewable future. We are proud to be part of this amazing transformation."