Tuesday, 7th June, 2022
Cory signs power purchase agreement with Danske Commodities
Cory has today announced that it has signed a power purchase agreement (PPA) with energy trading company Danske Commodities for Riverside 1, one of the largest energy from waste (EfW) facilities in the UK. The deal marks the first EfW PPA for Danske Commodities.
Under the agreement, Danske Commodities will provide balancing, asset optimisation and route-to-market for Cory’s Riverside 1 EfW facility. Cory receives around 750,000 tonnes of non-recyclable black bag waste a year. By converting the waste to energy at an EfW plant, landfill is avoided and energy is recovered.
Tor Mosegaard, VP, Head of European Power Trading at Danske Commodities, said: “Cory has an ambition to eliminate waste from waste and we are proud that our solutions and professional approach made Cory choose Danske Commodities as its PPA partner. Energy from waste is a win-win – it is a sustainable way to manage non-recyclable waste and it generates energy, which we need now more than ever.”
Danske Commodities will use its trading expertise to optimise and offtake the energy generated from London’s waste. The trading company has been active in the British power market since 2009 and has since provided energy market services to energy generation assets like wind turbines and combined heat and power plants (CHPs) – and now its first EfW plant.
Mosegaard continued: “Riverside 1 is a great addition to our asset portfolio. An EfW facility like this can generate electricity to power the equivalent of 160,000 homes and Danske Commodities is specialised in optimising energy generation assets for our customers”
“We are seeing an increased demand in energy service partners with a proven track-record and a strong creditworthiness. As an experienced balancing and trading partner, backed by Equinor, we can meet the demand and do our part in optimising Europe’s power markets.”
Ben Butler, Cory’s Chief Financial Officer, said: “As one of the UK’s leading waste management and recycling companies, we are constantly looking to optimise our energy production from non-recyclable waste. Signing a power purchase agreement with an experienced trading company like Danske Commodities provides us with access to the energy market and decreases our liquidity risk.”