Generac Holdings ( GNRC Quick Quote GNRC - Free Report) subsidiary, Generac Grid Services, announced that it had been selected by Dominion Energy Virginia to modernize electric grid.
The contract involves leveraging the Generac’s distributed energy resource management system (DERMS) solution via its Concerto platform to manage and control distributed energy resources (DERs) which helps to improve grid stability.
Dominion Energy plans to leverage Generac’s platform to efficiently manage smaller consumer-owned devices like battery storage and smart thermostats as well as large front-of-meter devices like solar and energy storage.
The Concerto platform will also be integrated with Dominion Energy's Advanced Distribution Management System to regress key variables like weather data, network conditions, demand forecasts and utility customer requirements.
This will allow the companies to accelerate issue detection process and dispatch the right mix of DERs in response, added Generac.
The Concerto platform will also assist in balancing supply and demand on the grid by offering cutting-edge use cases, such as real-time voltage support in particular areas.
The Federal Energy Regulatory Commission plans to implement Order 2222, which allows approved DERs to compete in wholesale electric markets. Dominion plans to compete in the above-mentioned competition by using Concerto.
Recently, Generac was
awarded a multi-year contract by Arizona Public Service. The contract involved leveraging the company’s Concerto DERMS to provide additional grid capacity from residential battery storage and advanced grid services like real power orchestration, voltage management, targeted responses and fleet energy control.
Prior to that, the company announced a partnership with RWE to provide grid-balancing solutions that support a reliable grid. RWE is using Concerto to bid in the German interruptible load market in addition to the aFRR solution. RWE can add value to its fleet of distributed energy resources with this solution.
Generac manufactures power generation equipment, energy storage systems and other power products, including portable, residential, commercial and industrial generators.
The company reported second-quarter 2022 adjusted earnings of $2.99 per share, beating the Zacks Consensus Estimate by 12.8%. Also, the bottom line increased 25.1% year over year.
Net sales increased 40% year over year and came in at $1.29 billion, beating the consensus mark by 2.4%. Robust demand for Residential and Commercial & Industrial products boosted Generac’s second-quarter performance.
Generac currently carries a Zacks Rank #3 (Hold). Shares of the company have lost 49.4% compared with the
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