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Context and introduction
As liquidity increases in short term markets and market mechanisms evolve towards net zero targets, the sheer volume and complexity of data in relation to power trading activity has outpaced the capacity for prudent, optimal decision-making.
With Cognite's product suite consisting of Cognite Data Fusion and Power Market Extensions, along with expert input from selected partners, we’re building the next-generation software capabilities designed for modern, data-driven power trading processes.
The first Beta Version is ready for operationalisation
We are very proud to present the first Beta version of Power Market Operations to our partner customers. We are now entering a phase of stabilization before releasing to PROD and with that the opportunity to scale the product. Stay tuned.
The product is relevant for market analysts, data scientists, production planners and traders who would like to improve data operations and power trading processes.
The Beta version of Power Market Operations is the first step towards a fully integrated value chain, especially linking analysis with trading activities across all physical power markets, adding capabilities around continuously improving analyses, models and processes in real time on the basis of OOB benchmarking.
This version of Power Market Operations is focused on improving the quality of day-ahead auction participation and helping production planners make decisions with a high confidence level.
The product generates a wide sample space on the basis of sophisticated scenarios for the bid matrix and can update the bid matrix based on events, such as price and water inflow.
Cognite Power Market Operations uses event driven automation and frequent updates. By reducing the number of manual operations, it significantly shortens the day-ahead bidding process, and provides visibility around performance to enable quality improvement. Hence, production managers can use automated, detailed benchmarking to improve the process continuously.