As we know, the deployment of renewables is a critical step toward combating the climate crisis. But the trend also poses new challenges for utilities and other power providers, who need to rethink how they analyze electricity markets and operate their generation fleets.
The weather-dependent nature of wind and solar power generation means there’s much more uncertainty about whether there will be enough power to meet the demand on the grid. This can translate to volatile electricity prices.
It’s challenging to fine-tune the balance of supply and demand without understanding how markets are performing. That's why robust market data is essential for utilities and independent power producers that own and operate solar, wind and other generation facilities in wholesale electricity markets. With the right analytics, they can:
track power flows, congestion and prices
make informed decisions on where to site plants
optimize economics and grid operations
All of which will help utilities and independent power producers stay competitive in a rapidly changing landscape. Article continued...