Parent Of Retail Supplier Acquires Company Providing Integration Of Distributed Resources Into Wholesale Markets
Acquisition, "Paves The Path Toward Realizing The Stacked-Value Stream Potential Of Energy Storage," Company Says
May 15, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
The following story is brought free of charge to readers byEC Infosystems, the exclusive EDI provider of EnergyChoiceMatters.com
ENGIE North America Inc. today announced the acquisition of Genbright LLC, a company which integrates distributed energy resources into wholesale electricity markets.
"The purchase enables ENGIE and its DER businesses, including ENGIE Storage, to further the adoption and growth of DERs within markets throughout the United States," ENGIE said
ENGIE Storage has been working with Genbright since 2017
"ENGIE’s purchase of Genbright enables the full integration of wholesale market bidding, scheduling, and dispatch optimization capabilities into ENGIE Storage’s GridSynergy platform. Genbright currently manages a portfolio of more than 50 MW of DERs, including front and behind-the-meter solar, demand response and energy storage, using its proprietary wholesale market platform," ENGIE said
The purchase was finalized on May 10, 2019
"This acquisition coupled with ENGIE Energy Marketing NA’s power market operations allow ENGIE Storage to deliver co-optimized energy storage services seamlessly that span from behind-the-meter peak demand shaving and energy arbitrage to in-front-of the-meter wholesale electricity market capacity, energy, and ancillary services, all from a single energy storage asset," said Christopher Tilley, chief executive officer of ENGIE Storage.
"ENGIE’s acquisition of Genbright ensures that ENGIE Storage is positioned to deliver capacity, energy and ancillary services effectively in markets operated by Regional Transmission Organizations and Independent System Operators as these rules are rolled out across the United States," ENGIE said
"This acquisition paves the path toward realizing the stacked-value stream potential of energy storage referred to by so many in the energy industry," said Tim Larrison, chief financial officer of ENGIE Storage who along with Tilley will serve as a director on the Genbright board. "Working with Genbright will further support both ENGIE Storage’s market offerings and asset management of ENGIE North America’s generation portfolio."