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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.

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Project Period:

2020 - 2021

Funding received from:

The project aims to develop a software prototype for real-time production planning and bidding for renewable energy producers. 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 implements 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’s first step is to demonstrate how hydropower producers can monetize on their flexibility by exploiting price differences in intraday markets. This creates a market incentive to balance production and consumption in the power system and thus helps with further integration of renewables.