Smart4RES webinar #4: Optimizing participation of renewables generation in multiple electricity markets

Jun 7, 2021

šŸ“… 09 June 2021 @ 13.00 CEST
Register and join us online Ā āž” https://lnkd.in/e7-aXRZ

OnĀ June 09th, Smart4RES will present its fourth webinar ā€˜Optimizing participation of renewables generation in multiple electricity markets: Smart4RES vision, opportunities and role of forecastingā€™. During this webinar Smart4RES proposes optimisation methods for trading tools, considering multiple market opportunities, high resolution forecast and prescriptive analytics.

Key messages

  • Errors associated to RES production forecasting lead to imbalance penalties when actual delivered production deviates from the bids. Such penalties can have a significant negative impact on the net revenue of RES producers. Errors in forecasting electricity prices also induce suboptimal decisions, such as a wrong arbitrage in multiple markets. Optimization strategies have been proposed to minimize penalties in this context. Smart4RES develops advanced forecasting solutions that model uncertainties and increase spatio-temporal resolution in order to improve robustness and profitability of these strategies.
  • Trading strategies for Virtual Power Plants (VPPs) and RES power plants operating jointly with storage systems are important use cases addressed by Smart4RES. A central challenge of these use cases is to maximize the flexibility potential of aggregated RES production and storage by trading on multiple markets, e.g. on energy and ancillary services markets. Benefits of advanced forecasting in terms of trading performance are demonstrated on industrial case studies of VPPs and RES power plants in Europe.
  • Finally, Smart4RES proposes next-generation solutions that are adapted to ongoing evolutions of data science and electricity markets. An overview of these solutions is presented in this webinar. Trading strategies can be simplified by data-driven approaches such as prescriptive analytics, where profit is optimized directly without the need to forecast all uncertain quantities. The increasing integration of renewables into electricity markets creates new opportunities for RES energy traders, due to population effects of numerous RES producers or innovative peer-to-peer mechanisms.

Intended audience: International, Decision-makers from the energy sector and the power system industry, RES producers, aggregators, grid operators, RES traders, Academia, Regulation bodies.