Markaðurinn, the business section of the Icelandic newspaper Fréttablaðið, published an article in conjunction with our participation in the accelerator Hringiða (KLAK - Icelandic Startups) accelerator, on 4 May 2022.

Iris Baldursdottir, SNERPA Power´s CEO and co-founder, talked about why SNERPA Power was founded, the importance of innovation in the electricity market to accelerate demand side participation, improve efficiency and make room for the energytransition.

We took the liberty to translate the interview to English, here it is:

Snerpa Power Solves Problems in the Electricity Market

Snerpa Power was founded with the purpose of enabling electricity users in Iceland to participate in the market for electricity, thus improving the utilization of renewable resources and creating space for the energy transition. Snerpa Power is one of seven teams participating in the business accelerator, Hringiða, this year.

Snerpa Power is among the seven teams that were selected for the business accelerator Hringiða in 2022. The accelerator is intended for teams that provide solutions contributing to the circular economy. Snerpa Power was founded with the vision of activating electricity users in Iceland to participate in the electricity market, thus improving resource utilization and creating more room for energy transition.

The company is founded by Eyrún Linnet and Íris Baldursdóttir, who are both electrical and computer engineers. Eyrún is the Co-founder and Chairman of the board of the company, while Íris is the Co-founder and CEO. Eyrún has worked in the electricity sector for 15 years, both at Landsnet, the Transmission System Operator (TSO) in Iceland, and as the Leader of Electrical Services at Tio Tinto Alcan. Íris has worked in the power and utility sector both in Iceland and internationally. She worked for Landsnet for 15 years and she started her career at the electrical equipment manufacturer, ABB. She now works for the Association of European Electricity Transmission Operators, ENTSO-E, in Brussels.

Íris says that the idea for the company had been maturing for a few years.

"We clearly saw an opportunity to improve the utilization of renewable resources, but then you need to find a way to implement it in practice. The electricity system and market is changing fast to support and realize ambitious climate goals and it is important to fully utilize the ability of electricity users to control their load and sell back a portion of their usage in the form of ancillary services. This allows them to participate in balancing out any short-term deviations in demand and supply in the system. However, to realize this change, the accessibility needs to be improved and new tools developed to make the link between the market and the electricity users, and that is where we come in," says Íris, adding that it is important to activate electricity users in Iceland to participate in the electricity market and improve the overall competitiveness.

"We enable electricity users to sell a fraction of their load back to the grid. The solution we offer thus leads to improved resource utilization. We are developing a software platform for power intensive users (PIUs) that enables them to place optimized bids automatically on the market. We will also automate certain processes for PIUs and improve their risk management."

Íris says that the  goal is to complete the first version of the software and connect the first PIU in a pilot project.

"The services provided through the software platform are sold to the Transmission System Operator, in this case Landsnet, and called ancillary services. They refere to a variety of short-term services required to maintain grid stability and system security. "

Íris anticipated that the participaton of Snerpa Power the Hringiða accelerator will provide valuable knowledge for the preparation of European grant applications.

"The program for Hringiða is comprehensive and there is, for example, an incredibly strong group of mentors provided for all seven teams that participate. It is a great opportunity to meet people from many different sectors with extensive experience in innovation, development and project financing. I believe that this knowledge will be useful to us going forward and when applying for European grants in the field of the circular economy, which is exactly what our project is about."