Data analytics increases profitability
Energy systems have to be flexible in order to accommodate supply from renewable energy sources.
We work with a companies that operate a solar parks. The volume of power supplied by the parks depend on weather conditions. However, demand for power does not depend on weather. Instead, it is driven by the behaviour of people and companies. As a consequence, the growth in supply from solar panels increases imbalances in the power system. The increased imbalance costs lowered the profits of the solar park by 20% over 2021. Solar parks can increase the profitability by lowering its profiling and imbalance costs. This can be done by producing volumes that are more in line with demand for power. To do so, one of the companies we work with invested in a battery.
At Modex, we help this particular client to operate the battery. Our team developed a platform that can monitor many energy assets from different suppliers in real time. We have extended this platform such that it predicts production volumes, consumption patterns, and extreme market prices. We combine historical production data from the solar park with external consumption data, weather forecasts, and price data from the local energy market. Our system then produces charging and discharging signals in real time with the objective to minimise imbalance and profiling costs.