Viridity Energy, a company leading the next generation of distributed energy resource management, today announced its participation with New Castle-based customer Axion Power™ International (OTC Bulletin Board: AXPW) as an active regulation resource in the PJM Wholesale Market. This participation has been made more profitable by the recent FERC regulation changes, which reduced the minimum requirement from 500 kw down to 100 kw, and which increased the compensation paid to fast acting, accurate regulation resources.
“PJM’s implementation of the FERC regulation change recognizes the important role that market rules play in developing the industry,” said Audrey Zibelman, President and CEO of Viridity Energy. “This decision strengthens the ability of customers to provide a service that enhances the reliability of the grid while improving the competitiveness of electric markets. I congratulate FERC and PJM for their forward thinking approach, and our partner and customer, Axion Power International, for being on the cutting edge and prepared to take advantage of this emerging opportunity.”
A significant element of the FERC regulation change is that it provides better compensation for regulation resources, which provide more accurate and faster regulation service to help maintain reliability on the grid at a lower cost.
As a Curtailment Service Provider (CSP) in PJM, Viridity Energy will be managing the Axion PowerCube™ in the PJM wholesale market on behalf of Axion Power International. In this role, Viridity Energy will be responsible for bidding the system in the market, and then facilitating the communications exchange. Batteries provide quicker, more accurate regulation service than other resources do.
“Our Power Cube, based on our patented PbC® battery technology, is a first of its kind smaller on line storage device that will be ramped up to higher kw levels. In the future, our technology can be configured to provide 1 MW of power for 30 minutes, and beyond, for PJM applications. It can also provide power quality, back-up power, power smoothing and load leveling capabilities in addition to the initial demand response we began providing today,” said Axion Power CEO Thomas Granville. “We are excited to be working with Viridity Energy and involved in this important PJM project. We agree with PJM’s assessment of the emerging community storage market and see the versatility of the PowerCube further demonstrated in that market.”
Axion Power International is developing advanced batteries and an energy storage product based on its patented lead carbon battery PbC Technology™. The Axion PowerCube™ is a 500 kw/250kwh battery system with a pair of 100kw inverters that is connected to a portion of Axion’s manufacturing load. The PowerCube™ is a highly mobile energy storage system that can be configured to deliver up to .5MW of power for 30 minutes or 100 KW of power for 3 hours.
With the new rules in place, Axion Power will be able to participate initially in the PJM regulation market as a 100kw resource that will eventually be ramped to higher kw levels. Through active participation in the wholesale market, Axion Power International will be able to earn new revenues through Viridity’s proprietary VPower System, which integrates, supports and optimizes the real-time dispatch of distributed energy resources and flexible load in the wholesale market.
“One of the most exciting elements of the FERC decision is that by reducing the barriers to get into the marketplace, systems will have the opportunity to grow and begin to generate revenue,” said Audrey Zibelman. “Looking forward, a similar system that has the opportunity to grow in the marketplace and increase to higher kw levels has enhanced opportunities for revenue generation. As an example, based upon historic prices, a 1 MW resource could achieve a projected revenue between $160,000 to $240,000 on a yearly basis.”
About Viridity Energy
Viridity Energy is paving the way for a new generation of demand response through its innovative distributed demand management software system and services. Viridity Energy enables large electricity customers to serve as “virtual power plants” that can earn substantial revenues from wholesale electricity markets while directly benefiting from energy supply cost savings through efficient energy use. The company works with large institutions such as college campuses, federal and municipal complexes, military bases, transit systems, industrial companies and hospitals to optimize their portfolios of buildings and energy investments by creating unified power assets. These power assets are then sold in real-time into the wholesale energy market, allowing facility operators to maximize the monetization of their building and energy investments. By using resources more efficiently and controlling their energy load, large energy consumers become active participants in reducing energy consumption, optimizing energy resources and balancing the electric grid.
The company’s unique and flexible VPower™ platform solution enables customers to dynamically shift and balance energy load, integrate advanced energy technologies and convert existing energy investments into lucrative new revenue streams. Viridity Energy helps organizations achieve sustainability goals and contribute to the greater good by stabilizing energy price fluctuations. Headquartered in Philadelphia, Pennsylvania, Viridity Energy was founded in 2008 by former executives of PJM Interconnection. For more information, visit www.viridityenergy.com.
Press Contact: Janeen Lawlor: 484-534-2222 or firstname.lastname@example.org