Enabling knowledge with Energy Market Simulation tool

Digitalization

DESCRIPTION

In the recent decade, the energy industry experienced a drastic transformation from polluting generation sources (i.e. coal, gas) to green energy generation technologies – wind and solar power. On the other end, customers have shifted from being passive customers to being proactive. In Lithuania alone, prosumer numbers increased by more than 86% in 2021. With ever-growing market coupling and new energy technologies entering the market – hydrogen, and batteries – the energy industry becomes even more intermittent and dependent not only on one region but rather on several.

PROBLEM

It’s easy to be overwhelmed by the volume of data available and the rate of change the energy industry is currently experiencing. For accurate and reliable data output, many different variables have to be defined based on their grid element group, technology, and data granularity. Energy Utility companies see the importance of observing and forecasting the energy market, and Ignitis Group is no exception.

Energy market model variables
Image: Energy system variables used to model energy markets

SOLUTION

To achieve the electricity market insight and understand better the dependencies of variables, the decision was made to develop energy market analysis capabilities to support our business units with accurate and on-demand price forecasts, and optimize the revenue streams.

STATUS AND PROGRESS

The project is in the concept stage where extensive research on the latest trends in market analysis and solutions to acquire or develop own tool has been done. Based on the outcome, Ignitis has decided to acquire a program suite specifically designed to tackle the energy market analysis tasks.

A pilot project is planned to start in 2022 Q3.

Want to know more? Contact our Modelling expert Matas Dijokas - matas.dijokas@ignitis.lt

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