GridBeyond’s frequency control ancillary services (FCAS) price forecasting service integrates the company’s hardware and software solutions and automates the real-time bidding process for dynamic loads in the FCAS market.
The new forecasts provide a five-minute view of prices over the next 48 hours and are refreshed every half hour until market closure (i.e. 5 minutes before dispatch).
“This enhanced capability allows GridBeyond to dynamically optimise the bidding strategy in real time for customers with large, flexible loads, leading to a significant increase in revenues,” the company said in a statement.
GridBeyond said the forecasts cover all five regional National Electricity Market (NEM) jurisdictions as well as the full suite of FCAS products for both contingency and regulation.
According to GridBeyond, “having an early and accurate view of what both FCAS and energy spot prices are likely to be in the highly volatile and increasingly weather-driven NEM is critical to helping energy asset owners maximise the opportunity that flexible assets hold.”
“This will become increasingly important as competition for FCAS services increase as markets saturate,” the company said. “Simple ‘price taker’ trading strategies no longer work and the ability to pivot quickly with shifting market dynamics becomes paramount.”
Paul Conlon, head of trading at GridBeyond, said the forecasts form the basis of the company’s digital trading and optimisation platform that allows customers to monetise flexibility through demand response, battery energy storage systems, co-located renewables or a combination of all three.
“The innovation demonstrates GridBeyond unique ability to apply technological sophistication and expertise in artificial intelligence and machine learning to address challenging technical problems in the transition to net zero while delivering increased revenue to GridBeyond’s customers in any market,” he said.
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