Impala Imbalance

Machine Learning is a big buzzword within many business communities, and the Nordic power market is no exception. There seems to be a lot of talking and tweeting about machine learning and its potential, but the tweeting is sparser when it comes to practical real world examples. Through this project update, I will try provide a concrete example of how machine learning can be used within the power sector and illustrate how we in Optimeering currently are working together with Statnett and academia to use machine learning to better handle imbalances in the Nordic power system. Project background – the imbalance problem Electric power is a perishable commodity - it must be produced the moment i

Modelling reserve - with some introverted algorithms (?)

New markets for reserve services and near-real-time power delivery require new, sophisticated tools for calculating optimal market clearing. In theory clearing a market is simple – you just need to match supply and demand. In practice though, complex bid and offer structures as well as integration between reserve services often mean that things are not quite so straight forward. Getting it right though is very important - clearing and pricing new markets reliably, transparently and quickly is essential for efficient market operation. Optimeering has a unique combination of modelling expertise and market know-how that positions us to deliver robust, customised market clearing tools for any ty

A good quota market is worth a thousand words

Quota markets are increasingly used to ration power market and environmental goods, including capacity, emissions permits and renewable subsidies. The obvious and most international of these markets is the EU ETS; however there are many more including the Swedish-Nordic El-Cert market, and the increasing number of capacity auctions and certificate markets popping up in Europe and elsewhere. One characteristic of these markets is that the good that is traded is “artificial” - and typically the demand for it has been legislated by government. This means that the demand for the good is defined by rules, not by want or need, and thus behaves quite differently to "normal" markets. Quota markets a

Data science cheat sheets

We are big fans of the team at DataCamp and the python and data science resources they've put together. Their Cheat Sheets are really useful - especially for people like myself who forget the correct syntax all the time. No matter whether you are new to python and data modelling, or have heaps of experience and are a python data science animal (if so, drop us a line...), check them out.

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