AutoGrid Systems, a leader in innovative solutions for the electricity and energy industry, is proud to announce a strategic partnership with Big Data Energy Services (BDES), a cloud-based service provider and consulting firm, to deliver services and technology that will allow electricity providers to reduce the cost of power for their customers while mitigating the risk of sharply higher prices in tight energy markets.
Under the agreement, the two companies will market innovative Demand Response services to curtail energy consumption during periods of constrained supply. The restructured market in Texas presents an unusual challenge to DR innovation. Unlike regulated markets that can take a top-down approach to implementing DR, restructured markets require more nimble, flexible capabilities to deal with a host of potential end-point devices and customer churn.
AutoGrid and BDES are also promoting AutoGrid’s Energy Data Platform (EDP), a cloud-based capability that employs bottom-up, and predictive analytics using Big Data tools to manage the electricity supply chain. This powerful engine enables REPs to gain insights to their customers’ detailed usage patterns for more precise and reliable forecasts, taking advantage of high-speed access to billions of interval records.
BDES will apply their knowledge of the market processes, data flows, and business rules to enhance the speed to market for both of these important energy solutions. Huge volumes of smart meter data will be harvested, transformed, and managed by BDES to drive the Demand Response, Forecasting, and analysis processes. REPs will be able to use BDES resources to implement swiftly without overburden their already stressed internal IT staffs.
“The first step to success in the Smart Meter world is to stop stockpiling the data and put it to use,” said Cade Burks, President of Big Data Energy Services. “The EDP engine drives innovations like flexible Demand Response and bottom-up forecasting, but also allows us to further our advanced, Big Data analytics to uncover additional insights for our REP customers.”
Unlike most other regulated markets, restructured markets encourage electricity providers to compete for market share and customers, which places a premium on innovation. The marginal price of wholesale power is expected to rise as demand surges and production capacity is reduced; in Texas, the wholesale price cap will soon reach $9,000 per megawatt hour. REPs will need demand response as both a hedge against high, spot market prices, and as an innovative offering to reduce consumer costs. They will need better forecast to avoid being short on days when the prices are likely to spike whether the wind stops generating power, or the heat creates unprecedented demand in a growing economy. Likewise, greater insights afforded by Big Data accessibility to detailed energy usage behaviors may give the REP greater understanding of product performance while offering customers opportunities for savings through reduced energy consumption.
“We are delighted to be working with Big Data Energy Services, an innovative provider in the energy data services arena,” said Dr. Amit Narayan, founder and CEO of AutoGrid. “REPs are at the forefront of the fundamental changes sweeping the power industry. The services we are developing with BDES will help them provide personalized services, reduce customer acquisition costs and churn, and ultimately forge long-term relationships with them.”