Miami, Florida, February 10, 2016
Once again QuantRisk takes innovations to new heights. In 2015, the first and only real-time Price Forecasting and Optimization Cloud Service was very successful launched for generators, private and municipal utilities, electric cooperatives, energy retailer and marketing companies. This supercomputing cloud solution automatically performs load and price forecasting, followed by optimization of the nomination or scheduling of bilateral power purchase contracts to various suppliers and ISOs, in real-time and day-ahead settings. The execution is under a minute per asset and nodal spot market, and runs automatically every period around the clock, 24/7 for any market worldwide.
QR Price Forecasting and Optimization Cloud Service® 2016 release has fully automated and integrated nomination, scheduling and trading. Traders can login to view and work with the optimal trading dashboard. The platform has gained many degrees of automation and intelligence to the point that it now acts as a live trading platform, executing buy and sell nominations and scheduling. Each period, traders receive hourly electronic snapshots of their optimal trades, and the system can automatically submit these as buy and sell nomination and schedule orders to suppliers, and market operators or ISOs.
The electric cooperative BENECO is using the latest release as an automated optimization and trading platform.
The energy cost savings achieved by BENECO in January and February 2016 were staggering: 100% to 400% lower energy rates than all utilities and electric cooperatives in the country.
The QuantRisk solution comes fully integrated and automated. It gives us load forecasting, price forecasting and nomination which lead to optimization of our bilateral power procurement process. The system runs automatically every hour, and produces an optimal dispatch nomination schedule that can be emailed to our bilateral supplier Team Philippines Energy Corporation (TPEC).
It collects the relevant data in a trading panel and nomination dashboard that is refreshed every hour. This gives our traders the access and visibility we need.
QuantRisk solution is cloud based and their team worked with us closely via phone conferences and online remote desktop sharing. It has proven to be very flexible in handling the complex load forecasting, price forecasting and nomination to our power supplier.
When the optimization solution is used in real-time trading coupled with the flexibility of our power supply contract with TPEC and the low prices of electricity in the WESM, it resulted to a reduction in the actual blended generation rate passed on to our consumers. These results exceed everyone's expectation and we are quite pleased that our blended pass on generation charge for January and February of P2.93 /KWh and P2.47 /KWh respectively are the lowest blended generation pass on rate which benefited the BENECO consumers.
QuantRisk cloud solution is ready-to-use and each new company can be configured within just one week, and the work can be done remotely. Then the client can start using the optimization service as of week 2. License and implementation are free and clients pay just one single all-inclusive monthly fee for the software, use of cloud supercomputer, service and support, corresponding to about 4% of the savings generated. The client keeps the remaining 96% of the savings and can lower its energy costs. Two trading strategy configurations are offered, real-time intraday trading, and day-ahead trading. All a client needs is a browser to use the service.