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Power producers generate additional income from the weekly ancillary services markets. Powel Smart Energy software integrates and optimises bidding and production planning for the week ahead and provides valuable decision support.
To succeed in the ancillary services markets, power producers require a detailed overview of their own resources as well as of market expectations. Accurate forecasting enables them to distribute their resources optimally between the weekly markets and markets with a shorter horizon.
Forecasting inflow and demand is, however, complex, as a number of variables need to be taken into account. These include the current spot market, anticipated prices and historical data.
Powel’s week-ahead software is a fully integrated planning solution for power producers. In addition to offering an overview of current obligations and market expectations, the software helps users to interpret the data, providing reliable decision support.
Powel’s solution runs scenario analyses and optimisations, is backed by a high-performance time-series database, and features a modern, process-oriented user interface. The software offers a suite of seamlessly integrated planning tasks for different time horizons, where information from longer time horizons provides input to shorter horizons in the form of sensitivities and/or boundary conditions.
The solution lets users forecast inflow and demand, minimise production losses during planned outages, and calculate optimal bids for the primary, secondary and tertiary regulation markets. It offers a wide range of other features as well.
Participation in the ancillary service markets requires the careful management of resources to meet needs in different time horizons.
With the help of integrated optimisation models, Powel’s week-ahead planning software enables power producers to plan generation assets in concert and achieve an optimal production plan.
The software also optimises the use of large infrastructure such as dams, wind farms and rivers for the near term, ensuring a stable power supply from mixed production in all types of weather. This is important in a era with more and more unregulated power production from renewables such as solar and wind.
Powel’s market is global and growing. It is imperative for power producers to participate in the day-ahead, intraday and ancillary markets to generate both core and additional income.
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.
Optimises week-ahead production planning
Optimises bidding in the weekly ancillary services market
Strategic and operational decision support using timely, accurate information