With the transformation of the energy system a generation portfolio has to be adapted constantly to new conditions. The more generation units are involved and the more commodities and markets have to be observed, the more difficult the management gets. An optimization solution helps to monitor all aspects of cross-function planning and to utilize the resulting market opportunities in optimal fashion.
BoFiT Optimization is an instrument which maps your generation or trading portfolio into a mathematical model. Based on this model optimization tasks can be formulated and calculated for the various business processes. On the one hand, it allows investment planning, on the other hand, trading flexibilities can be optimized at short notice vis-à-vis current markets. Market channel optimization is possible, as is the evaluation of contracts or recalculation of portfolio performance. The model is created graphically, and no specialized mathematical knowledge is required. A basic model can be used for all business processes by creating variants.
BoFiT Optimization models your portfolios graphically and translates them automatically into mixed integer linear programs (MILP). Modern solvers resolve the optimization tasks and transfer the results to the comprehensive functions for storage, subsequent computations and display of time series data in BoFiT Optimization. Using variants of models in an inheritance hierarchy means that common portfolio characteristics can be re-used. Models are fully integrated in the numerous methods for process automation. This means calculations are repeatable and reliable. Hence your portfolio can respond optimally to current markets and other constraints.
BoFiT Optimization offers all functions of the shared ProCom Data Hub, including time series management, connectors to adjacent systems, data transport mechanisms, import and export as well as workflows for process automation.
BoFiT Optimization runs under current Windows operating systems and requires database access. Oracle and PostGreSQL are supported. On the server side, BoFiT Optimization can be distributed among several servers in oder to adapt the installation to individual requirements for computing capacity and performance. BoFiT Optimization can be combined with BoFiT Forecast and ITA in a joint installation.
BoFiT 7.3 New Functions for Intraday Trading
The new version ITA 2.9 offers more flexible and versatile options for intraday trading at different market places. In addition to trading on electricity exchanges, B2B trading is also possible via an automated interface between the customer and the trading house. The tabular representation of the market activity with selectable order book depth offers a quick overview of the gamut of tradeable products and allows short-term trading up to five minutes before physical delivery. With its advanced functionalities for optimization and transparency messaging, BoFiT 7.3 is the perfect addition to ITA 2.9 for managing portfolios on an intraday basis. Multiple unavailability messages can now be sent simultaneously to ensure that market rules for short-term trading are complied with. The option of using several starting solutions for a scenario increases
performance with complex optimization issues, even with rolling planning.
ITA 2.9 offers:
- Multi-exchange capability (support for several exchanges / trading venues simultaneously)
- Support for EPEX API Version 6
- ITA B2B API for ITA customers
- ITA B2B trading house functions
- Trading service for OTC trades (automatic creation of trades)
- Market data presentation in table format, including 30-min products
- Support for internal control zone trading
BoFiT Optimization 7.3 offers:
- Simultaneous use of multiple starting solutions
- Effective date function for optimization
- ERRP/REMIT: simultaneous sending of unavailability messages
Additional Functions for ProCom Data Hub 7.3:
- Operations log for actions
- Effective date function for processes
Make your processes more transparent with the aid of an extended operational log and optionally configuring processes with a key date. The ProCom Data Hub functions are available for both ITA 2.9 and BoFiT 7.3.
BoFiT Optimization: Sector Coupling
The energy transition in Germany and Europe is progressing. After the electricity industry, the traffic and heating sectors are increasingly moving into focus. It is obvious that decarbonization of these sectors can only succeed if power-to-heat or power-to-gas is integrated into the system on a high scale. Since such facilities will at least significantly influence the behavior of the electricity consumers, the effects also need to be considered in the optimization of the power and heat portfolios. BoFiT Optimization now offers a component collection that allows the direct modeling of sector coupling aspects.
BoFiT Optimization offers:
•A battery for direct power storage
•An electrode boiler for heat generation
•A component for electrolysis
•A component for methanation
•A hydrogen storage
•A trading component for hydrogen
•A hydrogen filling station and other standard components to map hydrogen flows
BoFiT optimization offers these components as module “sector coupling” and enables the integration of the sector coupling into the standard processes of your company.
Are you interested in a study on the investment planning of your portfolio taking this new challenge into account?
BoFiT Optimization: New Possibilities in Long-term Planning
The planning processes of production portfolios require the optimization of very long periods in many places. From investment/divestment planning to economic planning and (remaining) annual planning all users are struggling with the balancing act between model accuracy and solution time for optimization. The market rules generally force hourly modeling. To limit the model size, methods are often used that subdivide the whole problem into sub-problems
(e.g. optimization in monthly slices).
Since BoFiT Optimization 7.1 an optimization problem can now be optimized completely or partially relaxed. This means that the actual binary variables of the problem are no longer considered binary and solutions are also allowed where these values deviate from 0 and 1.
First application examples show that the solution times decrease dramatically, while at the same time the considered fuel quantities etc. only deviate by a few percent from the non-relaxed solution. Since the model error due to unknown long-term stock exchange prices or heat demand is considerably higher, considerable advantages for long-term planning can be tapped here.
For the remaining year planning, it is also possible to calculate the exact model at the beginning of the optimization horizon and, for example, from the second month of the optimization to relax the binary variables. In addition, the start-up ramp can now be switched off for parts of the horizon, since these modelling details typically are only relevant for the short-term results.
The feature is included in the standard since BoFiT Optimization 7.1. Are you interested in a study to redesign your planning processes with a view to these new possibilities?
BoFiT Optimization Modules
Module description: ERRP
The BoFiT module ERRP helps to easily and securly generate and automatically send the messages required in the ENTSO-E reserve resource process. This allows you to meet your reporting obligations and to keep additional expenses and costs within limits. The reporting process is automated and integrated in the existing planning processes.
Module description: REMIT
Analogous to the BoFiT module ERRP, the BoFiT-Module REMIT reliably meets your reporting obligations. The BoFiT module REMIT generates, validates and initially sends messages to the EEX transparency platform in compliance with the rules. The EEX forwards the messages to ACER.
Module description: Ancillary Services
The ancillary services module expands BoFiT Optimization with a component that integrates the special properties and constraints of the ancillary services markets into your planning solution. Depending on configuration, the component allows for the calculation of the optimal market channel.
Module description: Operational planning of drinking water plants
With the drinking water module BoFiT Optimization is expanded by a total of sixteen components. This allows your drinking water system to be graphically modelled and to be linked to an overarching planning task via standard components for energy trading. The specialized components also take into account constraints such as fire water provision, cleaning cycles in multi-chamber storage or minimum flow rates in pipes.