Open Energi's, Grecia Monsalve 2022 review and trends to look for in 2023.
I’m particularly proud of Open Energi’s overall performance in the market in 2022. The Hill Farm battery we operate finished 4th on Modo’s 2022 leaderboard. It’s a strong result as the battery is only behind two 2-hour batteries and one 1.5-hour battery. As longer-duration batteries have had an advantage, it’s great to see our 1.2-hour battery in front of several longer-duration batteries. It’s great to see that, despite the fall in DC prices in the second half of last year, our strategy delivered value over the long term.
Overall, even though total battery market revenues fell, they were still higher in 2022 than in previous years. This a trend I certainly hope continues in 2023.
Records in wind generation have been broken repeatedly and I suspect will continue to be broken. In November, wind-generated over the 20GW mark for the first time ever and met more than 53% of the UK’s electricity demand. Flexibility is needed to manage more wind on the network. With the government targeting 50GW of offshore wind and lifting the ban on onshore wind, we should expect to see wind generation more regularly breaking records and we will continue to show the role that flexibility can play.
As well as continuing to break wind generation records, I think we will see low DC prices for the duration of the Winter. But I’m looking forward to seeing prices rise again in the Summer due to the grid procuring more volume. This is because lower demand during summer -> lower inertia, so we will need more DC volume to keep the grid stable.
Lastly, I expect we will have 2 more Triads in 2023 this Winter, to join the highly likely 15th December Triad. Open Energi are ready for them and I’m looking forward to continuing to deliver more outstanding results in 2023.