GridBeyond adds energy flexibility with the launch of two new products in CAISO
HOUSTON–(BUSINESS WIRE)–GridBeyond has launched Bid Optimizer and Designer to support the energy transition, add value and unlock energy flexibility for businesses in CAISO.
Bid Optimizer 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 their entire portfolio.
Designer uses historic and forecasted energy prices, load and generation profiles, and other site-specific factors and evaluates thousands of project configurations. Using GridBeyond’s AI models, Designer isolates the optimal designs and operational strategies to maximize profits while meeting environmental and operational targets.
As businesses look at how to deliver their net zero agenda, these two new products will unlock great value for customers optimizing their energy assets while supporting the grid operator to integrate more renewables into the energy mix.
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 across forward trading periods compared to a business-as-usual strategy.
GridBeyond’s solutions deliver 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.
Sean McEvoy, GridBeyond President of North America and Chief of Product Officer at GridBeyond commented:
“Innovation and quality are key at GridBeyond. We always look at the market needs to deliver products that respond to businesses net zero goals and deliver values for our customers.
“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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