By end of Q3 this year, Limejump had onboarded an impressive 500MW of renewable generation to their intelligent platform. This is a signal of genuine growth and commercial opportunity for renewable generators.
As a result of the recent turbulence in energy markets and the removal of government subsidies for many onshore renewable generators, Limejump has seen a rise in the appetite for long term 3-5 year fixed Power Purchase Agreements (PPAs). Locking in for a longer period is helping drive investment in subsidy free new build renewable generation. A longer-term deal, with a bankable offtaker, improves the bankability of the project.
Since September, the power market has been volatile and challenging. Gas prices, due to depleted storage levels, have been record breaking and are pushing the UK’s power prices to new highs. As highlighted over the past couple of months by leading commentators, the gas prices were the result of an ‘imperfect’ storm, exacerbated by very low winds and offline power generators.
A key topic for debate and action at this year’s COP26 is investment in a cleaner energy system. Limejump’s Head of Renewables & Flexibility, Genna Boyle, said “To encourage investment in subsidy free renewable generation, projects need to be financially attractive for investors. Therefore, offtakers must offer the most innovative and sophisticated commercial structures for generators that guarantee the best possible return.” For a fully flexible energy system, there must also be investment in energy storage so that the UK can get the most out of its growing renewable energy mix. Genna added “Currently, the UK’s energy storage capacity is 1.4GW, with aspirations to grow this to 13GW by 2030 and it’s fair to say that the pipeline for new build batteries and renewables does exist with investors ready and willing to get onboard, the next 5 years are gearing up to be very exciting in the storage and renewables space.”
James Forrest, Marketing Manager @Limejump
About Limejump – www.limejump.com
Limejump, UK’s award-winning energy-tech platform, provides renewable generators, peaking assets and battery storage devices a route to grid balancing and power trading markets that were once dominated by large generators. Through sophisticated and transparent Power Purchase Agreement (PPA) products and an agile 24/7 trading team, Limejump maximises customers revenue whilst also supporting the grid with much needed flexibility. Our platform analyses millions of data points in real time to intelligently dispatch renewable generators, peaking assets and battery storage devices into the right ancillary or wholesale markets, at the right time.
Limejump, part of the Shell Group, is on a mission to deliver 100% renewable energy, accelerating the UK’s transition to net zero by harnessing big data and renewable technology.