FEBRUARY 14-16, 2023 | Long Beach, CA   Get Updates

Overcoming Merchant Energy Storage Risks With AI: Veritone

January 14, 2022
12:30 pm - 12;50
Sean McEvoy

Veritone

With FERC 2222 approaching the deadline, allowing any DER owner (1 – 10,000 kW) to participate in the wholesale energy market, DER owners are looking for ways to enhance their competitive position.

Current merchant energy storage solutions lack the ability to fuse supply risk, demand, and market price volatility in real-time to satisfy business goals. Enter AI!

The ability to accurately and timely predict price volatility (and not just average price levels) of electricity in real-time would enable DER owners to make more informed decisions of when to participate in the wholesale energy market to maximize their profit. But what if, in addition to accurately predicting the price volatility of electricity, they are also able to dynamically optimize their energy storage, considering operational and warranty constraints in real-time while they participate in the market? Knowing when to charge and discharge, at what rate, and for how long would allow DER owners to take a low-value product at one time of day and turn it into a higher-value product at another.

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