GridBeyond launches Bid Optimizer to boost batteries profits
HOUSTON–(BUSINESS WIRE)–GridBeyond has launched Bid Optimizer, a new product for energy storage operators and merchant generators that eliminates guesswork from energy bid optimization.
Battery operators need to place 24 trades in the day ahead and 288 trades in the real time market every day, but by leveraging the power of AI, the product aligns market price forecasts with simulations of battery storage, renewable, and thermal assets to simplify decision-making while ensuring optimal bids that go beyond conventional strategies. Not only does this aid transparency around asset trading but it also maximizes businesses gross margin and overall profit compared to a business-as-usual strategy, across forward trading periods.
Its proven technology empowers merchant generators and energy storage operators by providing them with a strategic advantage in optimizing their energy and ancillary offers, maximizing the profitability of a business’s entire portfolio. The product combines GridBeyond best-in-class price, demand, and generation market forecasts with simulation of a range of trading strategies and market outcomes. This enables the exploration of various trade scenarios and quantifies the probabilities involved in making projections. In addition, users can create/customize their own trades and view trading history and comparisons against perfect foresight through the cloud-based interface, ensuring transparency and ease of reporting.
Looking at the technology in practice, in the week of August 17 – 24, 2023 a battery in ERCOT using GridBeyond’s Bid Optimizer would have received a 58% increase in revenue. This is worth $25,300/MW just for that single week alone.
The launch of Bid Optimizer follows up GridBeyond’s recent acquisition of Veritone Energy Business Inc, which has brought together two of the most innovative companies in energy forecasting, trading and optimization.
GridBeyond’s technology platform provides real-time optimization of distributed assets across a range of industries and asset types and Veritone Energy’s AI-powered software unlocks the full potential of DERs while enhancing reliability.
The combination of the two technologies has allowed GridBeyond to deliver Bid Optimizer together with a new user platform, and extremely accurate forecasting technology that enables customers to generate revenues and support them on their path to net zero.
The delivery of Bid Optimizer was led by Sean McEvoy, GridBeyond President of North America and Chief of Product Officer who also worked on the delivery of other recently launched GridBeyond products including:
- Forecaster – which boasts an impressive +95% accuracy in its forecasts of ISO-wide demand, yielding up to 19% more revenue for each asset within markets
- Designer – which leverages AI to optimize prospective energy investments for profitability and sustainability
- Baseline – for monitoring and visualize site and organization-wide consumption and emissions in real-time
- Managed Battery as a service – for energy storage monetization with real-time optimization
Sean McEvoy, President of North America and Chief of Product Officer at GridBeyond commented:
“With better forecasting, comes better results. Our Bid Optimizer product enables customers to manage risk and gain benefits. By forecasting everything from weather conditions, the need for balancing actions on the grid, to short-term wholesale market prices, our product manages renewable generation and battery storage assets, helping businesses to maximize revenue, manage risks, and reduce carbon emissions at the same time.”
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