Sunnova Announces Qualification into the ISO New England Forward Capacity Auction
Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential solar and storage service provider, announced its qualification to participate in the ISO New England Forward Capacity Auction 15 (“FCA15”). The qualification will allow Sunnova’s residential solar portfolio to participate in the capacity market in the New England power system to help meet the market’s future demand for electricity.
Sunnova’s portfolio of distributed residential solar energy systems in New England is expected to start participating in the capacity market as early as 2021, with complete portfolio participation anticipated for the FCA15 commitment year beginning June 2024.
“As we continue to expand our energy service offerings, the aggregation and management of our solar and storage portfolio, and its participation in capacity markets and grid services, will drive further value for both Sunnova and our customers in the Sunnova network,” said William J. (John) Berger, Chief Executive Officer of Sunnova Energy International Inc. “We have one of the largest and fastest growing residential solar customer bases in New England and we look forward to leading the energy transition towards a more distributed and renewable grid by allowing our continued investment in solar services to help meet the broader energy needs in markets like ISO New England.”
“The recent FERC Order No. 2222, which aims to expand distributed energy resource (DER) participation across all power markets, directly aligns with our mission of powering energy independence, particularly during a time when the uncertainty surrounding the reliability of electric grids continues to grow,” said Michael Grasso, EVP and Chief Marketing Officer of Sunnova. “Our solar + storage service offerings give our customers more control, can protect them from power outages, and now can also participate in helping meet the overall energy needs of New England ratepayers.”
Sunnova is partnering with CPower Energy Management, one of the nation's leading demand-side energy management companies, to enroll and manage its residential solar portfolio in ISO-NE's On Peak Hours Resources (OPHR) passive demand response program. CPower's expertise in optimizing behind-the-meter resource participation in New England's capacity market will ensure Sunnova maximizes its revenue potential and ROI.