The Foundation - Nodal Power Markets Data Journey
by Gaby Flores
In our blog last week, we explored what the big data and digital transformation journey looks like for energy industry participants. In this week’s blog, we’ll take a closer look at nodal power markets, and discuss the importance of building a solid understanding of the markets and the accompanying data - a foundation, if you will, to build upon as you embark on your nodal power markets data journey.
Nodal power markets are extremely complex, and unique from other commodities markets. (If you’re looking to learn more about the fundamentals of power markets, check out our Power Markets 101 content). In order to perform effectively in the markets, whether you’re managing an asset or trading financial products, you must understand the nuances of how each ISO/ RTO operates. Power flow is dependent on many variables: load, generation, transmission availability, and congestion; all of these variables work together as a network that spans the country and powers our homes and businesses. Operating effectively in these markets requires a deep understanding of this complex network. So how does one begin to understand this network of unique variables?
Visualizing the markets can be extremely helpful. Visualization allows you to see how particular generators and transmission lines intersect, if you can add visualization of constraints and congestion - plus nodal pricing -you’ll be well on your way to understanding some of the complexities of power markets.
Market and data exploration is the next step in building your foundational understanding of power markets. You’ll want to explore what happens in the markets at different times of day, different times of year, with different loads, and more.
Utilizing the foundation you’ve built by visualizing and exploring nodal power market data, you can begin to develop trading and operational strategies and analyses to optimize your performance in the markets. With an understanding of how the different variables that affect the markets fit together, you’ll be able to make more efficient and accurate decisions about what might happen in the future.
Yes Energy was founded with a mission to deliver powerful, insightful, actionable data to nodal market participants. It was then that our flagship product, PowerSignals was born. While we have evolved with the markets, PowerSignals still acts as the foundation and launchpad for new market participants to jumpstart their nodal power market journeys. PowerSignals condenses the Big Data produced by the markets behind the scenes and delivers it to our customers in consumable views and actionable tools that inform better, smarter, faster, and more complete analysis and performance.
PowerSignals is designed to help our customers easily explore the vast amounts of nodal power market data available, while also easily visualizing the fundamentals of the markets. Customizable timeframes, drill-down functionality of market data collections, and extensive mapping and visualization allows you to move from discovery to trade submission all in one platform. PowerSignals serves as your foundation to develop successful understanding and performance of the markets, and launches you painlessly into the world of Big Data.
Nodal power markets are extremely complex and fueled by Big Data. However, by visualizing and exploring that data in an easily consumable format, you and your company will be well on your way towards building a solid foundation for performing competitively in the markets.