ECCO Price Forecasting
Price forecasting is a complex and data intensive endeavor. ECCO International has developed world-class software applications to help energy market participants manage their exposure to risks that can be encountered by operating in these markets. ECCO has two separate applications, one for short-term price forecasting, 1 to 7-days, called ProMax™. For Long-Term price forecasting, 1-month to 10 or 20-years, we have developed ProMaxLT™.
ECCO International, Inc., (“ECCO”) has developed ProMax™, a short-term, integrated energy and transmission market simulation software package that allows the accurate simulation of the Day-Ahead Market Clearing process performed by Independent System Operators or Transmission System Operators. ProMax™ performs a Day-Ahead Market Clearing simulation and produces energy market outcomes, such as schedules, market clearing prices congested paths and cost of congestion, taking into account bids from the market participants, the load forecast, forecast plant outages and forecast transmission outages.
A key objective of the ProMax™ software is to simulate the energy market Clearing and Dispatch processes performed by Independent System Operator and Transmission System Operators and produce an optimal schedule which minimizes production costs while respecting all resource constraints, such as start up costs, minimum up/down times, operating constraints, unit initial conditions, transmission constraints and ancillary service constraints.
ProMax™ utilizes the same modeling features as the Day-Ahead Market Clearing engines commonly used in ISOs/TSOs, with a full simultaneous multistep Unit Commitment MIP model which iterates with a full AC power flow, utilizing Power Transfer Distribution Factors (PTDFs), (or Generation Shift Factors) to enforce transmission constraints. Losses are fully modeled in the optimization using loss factors derived from the solved AC power flow solution as it iterates with the MIP UC. After the commitment solution is complete, a pricing run is performed to provide the dual variables to use in the LMP calculation, which includes the calculation of the energy, loss and congestion component for each bus, location, Load Aggregation Point (LAP), Trading Hub and APNode.
For more information please contact us. You may download our brochure describing ProMax™ by selecting this link. If you want to see our most recent Price Forecasting information please check our Blog.
For Long-Term Forecasting ECCO International, Inc., (“ECCO”) has developed and implemented a comprehensive market simulation package, called ProMaxLT™, to assist ISOs/RTOs and Market Participants in understanding the complexities of the competitive electricity market and provide accurate simulations of market behavior for a multitude of applications. The many features incorporated into the standard design of ProMaxLT™ makes it, we believe, the best value-for-money product available.
The major strength of ProMaxLT™ is the precision of the model which ensures consistency of results between studies and this precision has been proven over again in many market study audit situations, where the results of ProMaxLT™ have been independently checked. This precision and consistency is a result of ProMaxLT™ using a nodal configuration which optimizes network flows (and constraints) with dynamically calculated limits; Monte-Carlo based plant outage consideration; LP-based optimization; and discrete hourly modeling.
For more information please contact us. You may also download our brochure describing ProMaxLT™ by selecting this link.