Technology based consulting company KBC, has recently announced the release of a new high-fidelity analytics technology, Visual Mesa Multi-Period Optimizer 6 (VM-MPO 6). It will allow scheduling engineers and operators to incorporate more precise forecasts into the decision making process, over various time horizons when dealing with multiple time-dependent constraints, resulting in increased optimisation benefits of their energy systems.
Changes in electricity price contracts (e.g. real-time pricing, time of use pricing, critical peak pricing), variability of natural gas prices, and the capability of process plants to become electricity providers to the grid while managing a wide variety of energy sources (fossil fuels, renewables, etc.), impose unprecedented challenges to scheduling engineers that aim to deliver the most economic dispatch of energy to meet demand.
This technology brings together data analytics, first principles and multi-period constraints in a purpose-built mixed integer optimisation to continually ensure that the right decisions are made about which generation assets to start up, shut down and where to deploy energy at lowest economic cost. Case studies have demonstrated this new release’s ability to improve optimisation benefits by 5 per cent.
The newly launched technology by KBC will reduce costly uncertainty in planning, scheduling and trading of energy over multiple time periods across portfolios of generation assets and different asset classes.