This restructuring has impacted wholesale electricity markets over the years, with its evolution taking stage in the 1990s and 2000s and now in its next phase in 2012 and beyond.
With the main goals of improving market efficiency, system reliability and better managing transmission congestion, markets are now increasingly faced with challenges of regional market integration, renewables integration and "smart grid" resources such as demand response and energy storage. Ventyx solutions are used in electricity markets worldwide to address these challenges so that customers can benefit from lower electricity prices and reliable power grids.
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Energy Market Operator Challenges
Ventyx can help energy markets address the following challenges:
- Managing transmission congestion - Organizations must improve the efficiency and reliability of transmission infrastructure in order to be able to quickly alleviate transmission congestion when it occurs.
- Integrating regional markets and renewable energies - Increasing complexity in managing the bulk power grid, growing concerns for the environment and the need to provide a continually reliable service are increasing the need for a "smarter" grid.
- Forecasting retail load - Accurately forecasting short-term load is a very complex problem that requires distribution companies to arrive at accurate forecasts while accounting for several highly volatile factors.
- Capital investment planning - To make ongoing investments that expand and improve transmission network capacity, companies need convincing data-driven analysis supporting investment and comprehensive capital project management once funds are secured.
- Planning for the future - Generation markets look very different today than most companies thought 10 years ago. How will the industry evolve going forward? What types of generation will be needed to meet demand and when?