Powel Optimal Multi Asset is used for short-term production planning and bidding. The model is based on integer programming and calculates optimal production schedules for a number of different types of power generation assets, across different markets.
The purpose of Optimal Multi Asset is to maximise profits for energy producers. The model coordinates energy production from various sources, such as hydroelectric, thermal power, wind and solar, in an optimal way, taking into account market obligations, technical constraints and other factors.
“One of the things that makes Optimal Multi Asset unique is the level of detail to which flexible production from hydropower and thermal power can be modelled, says product manager at Powel, Camilla Thorrud Larsen.
This makes the model equally suitable for pure hydroelectric energy producers and for producers of thermal power, not to mention producers who have a combination of the two in their portfolio.
“With a detailed model of the production system, you obtain more realistic results and reduce the need for manual adjustments,” she says.
Calculates detailed production schedules
Optimal Multi Asset calculates detailed production schedules over a selected time period, typically two to ten days into the future, and with optional time resolution. The model is used for decision support when bidding into the spot market and to calculate the optimal allocation of load commitments after the market has cleared.
Commitments in the various reserve markets can also be included and will be most effectively allocated to the production units that can contribute as part of the calculation. There is also support for combined optimisation of trading in the spot and reserve markets.
Manages large production systems
Optimal Multi Asset has been developed to handle large production systems that can cover multiple areas with transmission constraints between them.
“We always place great emphasis on calculation time in Optimal Multi Asset. Decision-making processes related to trading and production planning are often time-critical, and it is therefore essential for the solution to deliver high-quality results quickly,” says Larsen.
Uniper has adopted the solution
Optimal Multi Asset has been integrated with Smart Energy’s software portfolio, which makes the solution very user-friendly. It comes with easy-to-use interfaces for modelling, execution and analysis, as well as a fast, flexible and transparent database solution.
One of Powel’s largest customers has been involved in the project and has started using Optimal Multi Asset, which completed development in the spring of 2019.
“It is a great benefit to us that Uniper has adopted the solution. As a result, the solution is well adapted to market needs and is constantly being enhanced and improved,” she says.