Step 5 - Storage Optimization
Combining the predictive models developed in Steps 3 and 4, we identify optimal times for discharge of excess stored power to align with peak spot electricity prices in order to maximize revenue from electricity generated in excess of demand on electricity markets.
Beyond optimizing for sale of excess electricity, we can employ other optimization strategies based on end-user and investor needs
- 1.Emissions Reduction - for firms with specific ESG goals, such as CO2 emission reduction, our system can optimize networks with a range of generating inputs to prioritize clean energy production and consumption
- 2.Cost Minimization - some firms seek to minimize operational costs, which include fuel costs, start-up and shut-down costs, and maintenance expenses. By optimizing the dispatch of distributed energy resources, we can lower costs for both operators and end-users
- 3.Peak Load Reduction + Demand Response - We aim to reduce peak loads by helping firms implement demand response programs, which adjust the consumption patterns of participating customers. This helps to lower costs, defer infrastructure investments, and reduce the need for additional generation capacity.