Power Market Model
An optimisation tool, which enables you to model electricity markets; understand dispatch, fuel use and capacity planning in a country.
Integrating renewables comes with various challenges
Disruptive technologies such as renewable energy (specifically wind and solar) and storage are shaping up future energy transition. To meet the climate change mitigation goals, electricity systems across various parts of the world are undergoing a major overhaul to accommodate these new resources, however, there are inherent challenges that need to be mitigated today for a sustainable and greener tomorrow.
Some of these challenges include grid integration due to intermittency of resources, estimates around electricity generation and potential tariffs along with overall commercial viability that need to be effectively assessed for the benefit of any market participant. Additionally, proper market mechanisms and policy structures are required to justify investment into flexible capacity for RE integration. These challenges require a suitable modelling framework to analyze these aspects from multiple perspectives.
Genesis Ray's Power Market Model addresses the need of a robust modeling framework
The Power Market Model uses a rich database of a country’s power infrastructure, nodal RE resource variability, demand pattern, and representation of market operational procedures. It enables the analysis of power dispatch, generation mix, electricity prices, power flow etc. supporting informed decision making by new investors, system planners and market operators.
Features of Genesis Ray's Power Market Model
A single platform that can help to answer diverse questions from stakeholders across the energy value chain – project developers, investors, fuel suppliers, equipment suppliers, system planners and lenders.
Questions that the Power Market Model addresses
Power Market Model designed for you
A unique tool useful for diverse participants in the Renewable and Electricity Market, thoroughly validated for robustness by back-casting method with respect to actual historical datasets
Investors and developers
Take informed decisions such as asset valuation; the financial returns assessment of a specific RE project using realistic future electricity price at certain locations.
Analyze various ‘what-if’ scenarios of future system transition to maintain generation adequacy and system reliability
Formulate alternate market bidding strategies at various hours of operation leading to increased utilisation and profit in an RE-dominated system
Assess the demand for fuel, how these changes over time, the elasticity of demand and the key drivers of competing fuels
Regulator & policymakers
Assess the impact of regulatory or policy changes including the market power of existing participants and identify anticompetitive behavior
Retailers & industrial consumers
Identify contracting opportunities and the risks of various contract structures
The fundamental structure of the model
Genesis Ray’s Power Market Model is an optimisation tool for simulating national power market and system operations. It captures various roles and decision-making process of key power market agents like generating companies, market operators, and demand loads.
At the core of the model is a Security Constrained Unit Commitment and Economic Dispatch (SCUCED) model to optimize day-to-day system and power market operations. Using power generating companies’ offers, demand bids, and expected RE generation it maximizes total economic surplus or alternativity minimize the total operating cost subject to various technical constraints of generating units, transmission lines, and market regulations.
A cloud hosted flexible platform
A scenario generation and running utility where user can generate multiple scenarios for analysis and can initiate runs at one go
Bring Your Own Data
Specification of scenarios established by importing user’s own datasets or manually performed through the tool's GUI
Visualization & Aggregation
A rich data aggregation and visualization module which integrates with the Model and enable user’s need of scenario analysis