Triple Point appoints Ylem Energy to maximise trading opportunities
Operation & Maintenance
Triple Point, a UK-based Investment Manager which invests in businesses that are crucial for the transition to a low carbon economy, appointed Ylem Energy to maximise trading opportunities for its investments in gas peaking businesses.
As the demand for power rises, peaking plants which enable the delivery of fast-responding, flexible power, play an essential role in the transition to renewables, especially when the output from fluctuating renewable energy sources such as wind and solar power is low. Designed to operate during periods of high demand as well as covering shortfalls in electricity supply, the plants play a critical role in preventing loss of supply for commercial and domestic energy users.
With 42.5MW of peaking plant trading on the Capacity Market, Triple Point’s assets include a fleet of 19 engines at peaking power plants in various locations across England.
But with five engines offline due to serious mechanical issues and the incumbent support provider unable to provide an effective resolution, Triple Point’s ability to maximise trading opportunities was compromised.
Immediate remedial work was essential to ensure all the engines were fully operational and effective O&M services were required in the longer-term to maintain availability during important, commercial periods.
Working in partnership with Triple Point team and their Asset Managers, at all levels within the companies from site engineers to board members, Ylem Energy’s work ensured the sites were fully available and running effectively.
Drawing on its engineering expertise and UK wide capability, Ylem Energy delivered a successful overhaul and rebuild for two engines and implemented on-site remedial works to ensure the fleet was fully operational.
A range of essential O&M services was then implemented, including 24/7 reactive support for Triple Point’s gensets and peaking plants, with Ylem Energy taking ownership and responsibility for scheduling future service work and engine availability.
Downtime planning was also delivered by Ylem Energy to maximise commercial opportunities for Triple Point.
Delivering significant cost savings when compared to other competitive estimates, the remedial work undertaken by Ylem Energy ensured Triple Point’s fleet of engines was fully operational at the earliest opportunity and achieved capacity market targets ahead of the Ofgem deadline.
Providing improved operational efficiency and availability, this enabled the companies to maximise trading opportunities and secured significant capacity market revenues.
Jonathan Parr, Partner and Head of Energy, Triple Point, said: “Ylem Energy’s technical expertise has proven invaluable. As peaking plant owners, Ylem Energy shares its valuable insight which is underpinned by a real world understanding of high-quality O&M services.
“A partnership with Ylem Energy is set to provide a long-term competitive advantage and will help us to maximise the value of our assets which are an essential component in securing the UK’s energy future, helping to balance the grid and supporting the drive towards net zero.”
A partnership with Ylem Energy is set to provide a long-term competitive advantage and will help us to maximise the value of our assets which are an essential component in securing the UK’s energy future, helping to balance the grid and supporting the drive towards net zero.