Lack of availability of long term contracts is driving increased use of market instruments, which is adding to the optimization challenge for generators. At the same time, the combination of price spikes on the output side and the uncertainty that comes with the greater use of renewables, means new scenarios have to be evaluated in near real-time.
OpenLink provides a total solution for Optimization and Planning – from unit commitment, dispatch, fuel, and maintenance optimization, to scenario analysis, supply-demand balancing, margin pricing and hedging, right through to forecasting, portfolio optimization and emissions modeling.
With our unique optimization engine and broad range of component libraries and algorithms, you can optimize entire unit portfolios including renewables in one, integrated model – so you can evaluate new situations more quickly or apply stochastic approach to deal with highly volatile wind and solar production. In terms of timeframe, you can go from unit commitment right through to long term forecasting and planning in a single solution. And you can build in factors such as market instruments and sourcing contracts to ensure all relevant commercials are taken into account in determining the optimum power generation mix.
Further, the solution supports business processes right along the fuel scheduling to trading workflow – ensuring that people performing different functions have a complete picture on which to base scheduling and trading decisions.
OpenLink’s physical asset portfolio optimization solution goes live in 30 days.
Gas and electricity portfolio trading, power nominations and forecasting are now centralized at this green energy company.
OpenLink supports their hedging strategy and trading on day-ahead hourly auction and EPEX SPOT.