Generation Management
Resource Optimization
Generation Management is Ventyx's short term resource optimization application for unit commitment and economic dispatch.
Generation Management optimizes a portfolio's operation by modeling detailed unit operating constraints and market conditions to provide a generation schedule for energy and ancillary services, fuel nominations, support the evaluation and pricing of potential short-term transactions, and facilitate the analysis and simulation of deterministic scenarios.
Portfolio Optimization on GenCo assets is heavily dependant on timely and accurate operational decisions. Unit commitment and dispatch schedules, fuel consumption forecast, options implementation, commodity arbitrage and bidding decisions, are just an example of the operational decisions to minimize cost or maximize profits that GenCos need to perform under uncertain and always-changing variables.
Improved unit commitment and dispatch significantly increase profitability. Generation Management utilizes the latest advances in mathematical programming techniques (Mixed Integer Linear Programming) combined with Ventyx's domain expertise to deliver the market leading application for Operations Management.
Portfolio Optimization
MILP provides modeling richness to truly optimize the most complex problems e.g. CCGT, CHP, pumped storage, and the simultaneous optimization of hydro and thermal. The solution architecture easily accommodates the set of ever changing modeling requirements.
Decision Support for Bilateral Trading
Reduced costs, improved profitability and the ability to manage risk are all integral components of operations management software. Generation Management allows users to price potential block trades.
Fuel Management and Pipeline Modeling
Reducing fuel costs through enhanced portfolio optimization to determine the best use of fuel is a key operational requirement. Generation Management produces hourly and aggregated fuel nominations by Electric or Gas day. Fuel blending capabilities optimize the mix of available fuels considering cost, shadow price and limits. Modeling complex pipeline networks with multi volumetric constraints and costs is necessary to achieve maximum profitability.
ISO Bidding Support
Strategic bidding approaches are evaluated to determine operational readiness and market variability. Bidding libraries represent possible operational strategies given a set of LMP price forecasts.
Simulation Scenarios
"What if?" analysis allows GenCos to improve operational decisions and manage the risks associated with unexpected events. Generation Management utilizes an easy-to-use interface to analyze and compare sensitivity studies.
Post Analysis for Improved Operations
The ability to import and simulate actual data, and compare it with forecasted scenarios improves operational workflows and facilitates evaluation of true operational costs.
