extreme power prices

Power systems have to become more flexible. Flexibility is needed to better accommodate the supply from renewable energy sources. The challenge is to use the assets that provide flexibility in an optimal way; to charge batteries such that they later can be used when the wind drops; to increase consumption when solar parks produce more, once solar radiation increases. Those charging and consumption decisions are and will be driven by data.

The Modex Energy Services team has co-developed a methodology to predict when extremely high or low power power prices occur. These extreme power prices indicate moments that energy systems are not flexible. For instance during moment when power demand is high and supply from renewables is low. Those moments can be predictable to a certain extent and our methodology shows how you can do that.
 
We apply this methodology to operate power flexibility assets. We have built a system that analyzes data from power markets and flexibility assets such as batteries and demand response technologies in real-time. The system signals to charge batteries when it expects an extremely high price in the near future, such that those batteries can be discharged later when that high price occurs.

We can proudly say that our article wherein we present the methodology has been accepted for publication in The Energy Journal.

 

Within Modex Energy Services a team of power markets experts work together with a team of data scientists and managers. This unique combined expertise allows us to deeply understand the challenges that energy markets face and we have thought about how data analytics can tackle those challenges.

 
 

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