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FORNY20-FORNY2020

KVAL: Software for real-time production planning and bidding for renewable energy producers

Alternative title: Programvare for sanntids produksjonsplanlegging og budgivning for produsenter av fornybar energi.

Awarded: NOK 0.50 mill.

Project Manager:

Project Number:

317474

Project Period:

2020 - 2021

Funding received from:

The project has developed a prototype for software that performs real-time bidding for producers of renewable energy. For traditional production technologies, like fossil fuel based production and hydropower, operators can decide when and how much to produce. In contrast, variable renewable production, like solar and wind, cannot control time and quantity of production. Most trades on European power exchanges concerns energy with delivery the next day. This is challenging for renewable producers because they face uncertain production when making these bids. As a result, the last decade has experienced an increase in real-time energy trading through the intraday electricity market where producers can readjust their positions close to delivery. However, these bids are more complicated than the day-ahead bids because producers must consider additional factors, like fluctuating prices and trading decisions of counterparties. The project has suceeded in implementing state-of-the-art research to represent the market and uncertainty to train algorithms that learn profitable strategies for intraday electricity markets. Producers provide up to date information about the market and receive strategies to guide their decisions. The project has managed to demonstrate how hydropower producers can monetize on their flexibility by exploiting price differences in intraday markets. The project has achieved a TRL 4 togehter with hydropower producers and demonstrated how they can utilize their flexibility and price variations for increased profitability in the intraday market. Based on a market analysis, it has been defined an entry-level market, and the business case is strengthened by laying out a further plan for development and financing together with pilot customers, also described in an Verification Application to the Norwegian Research Council.

Activity:

FORNY20-FORNY2020