“The grid is not just something we built, but something that grew with America, changes as our values changed, and gained its form as we developed as a nation. It is a machine, an infrastructure, a cultural artifact, a set of business practices, and an ecology. Its tendrils touch us all.” -Gretchen Bakke, The Grid
The energy industry is an interesting one to be a part of, and as Bakke points out, it is an integral part of our daily lives. Lately, the industry has been a hot topic in the news, and that’s not likely to stop anytime soon.
Electric demand has returned to pre-pandemic levels the world over, the renewable energy growth rate is increasing, and both electricity generation and consumption are critical imperatives for world leaders, especially President Biden.
That’s because electricity is an essential tenet of today’s modern society. We rely on power to charge our phones, heat our stoves, store our food, power our jobs and their accompanying technology, and much, much more. When the lights go out, people are inconvenienced, the economy is negatively impacted, and - at worst - people lose their lives.
The power industry is evolving on a daily basis. Just a few years ago, the thought of a utility-scale battery was practically unthinkable, and now they are coming online across the country rapidly. As power and electricity evolve, so do the skills required by the industry. Engineers, data scientists, mathematicians, and economists are all in demand. Unfortunately, the basics of US nodal power markets are not typically taught in college - and there’s a lot to learn. To participate effectively in the power industry and nodal markets, one needs to understand things like:
The need for power production and usage to be perfectly balanced
How power is generated and the pros and cons of different generation types
What LMPs are
What ISOs are
How ISOs plan ahead, operate and compensate generators
The types of products financial traders or asset owners and operators can bid on to turn a profit, or hedge their assets
This is just a brief list of some of the things you’ll need to understand if you’re interested in working or participating in the power industry.
The experts at Yes Energy have significant cumulative experience in these markets, and we understand how daunting they can be when you’re just getting started. That’s why, in 2020, we published our Power Markets 101 blog series. We covered topics like the history of US power, the history of deregulated power markets, generation types, LMPs and demand curves, financial products, and more. These resources are the perfect place to start if you’re just beginning on your nodal power market exploration, or if you need a little help teaching your newest data science recruit about this complex and niche industry.
Once you’re ready to launch yourself on your nodal power market journey, you’ll find you need some data, and there’s a lot of it available. Yes Energy has leveraged our years of experience and expertise in the markets to select, clean, and curate all of the nodal market data you need to succeed - and we deliver it in whatever format you need for the stage you’re at in your nodal market data journey. To learn more about the Big Data and digital transformation journey, click here.
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