Accurate forecasting and bidding in the daily spot and ancillary services markets is vital to planning production for the following day. This is especially important for hydropower producers who need to balance expected inflow with production costs as well as with the contribution from unregulated renewable power sources such as wind and solar.
Bidding in the ancillary services market is dependent on plans for fulfilling the spot contract, which in turn is dependent on the spot bid. This bid is based on multiple variables, such as available production capacity, expected prices and own production costs – which may change continuously right up to market closing time. Moreover, day-after market actions are dependent on both day-ahead and balancing market prices.
Powel’s solution optimises the efficiency of the entire day-ahead bidding and production process, seamlessly integrating data collection, forecasting and planning as well as contract fulfilment and settlement.
The solution lets users forecast inflow and demand, optimise production to fulfil contracts, calculate optimal bids and valuate portfolios. It can also be used for administrative tasks such as sending and receiving bids and invoicing.
The software offers a wide range of other features as well.
The amount of unregulated power production from renewables such as solar and wind is growing. It is important to produce power from these sources when they are available before using hydropower to secure supply to consumers.
Powel’s day-ahead planning software optimises the use of large infrastructure such as dams, wind farms and rivers for the day ahead, ensuring a stable power supply from mixed production in all types of weather.
The accuracy of the data generated provides valuable decision support to producers, enabling them to optimise use of natural resources, simplify daily operations and maximise profitability.
Powel’s market is global and growing. It is imperative for power producers to participate in the intraday market, where the majority of electricity is sold.
Moreover, as we move towards an electrified society, the demand for electricity will climb even as total energy demand drops.
Founded in Norway in 1996, Powel is now an international corporation with 500 employees at offices in eight countries.