Markets for flexibility
One of the key elements in ensuring a stable electricity supply for consumers is to keep the relationship between electricity consumption and production constantly in balance. This is done with the aid of a number of balancing and ancillary services secured by the transmission system operator, where electricity consumers and producers repeatedly adjust their consumption and production either upwards or downwards. The services usually require a very fast response.
Based on the management of consumption, production and storage of many smaller flexible consumers, EConGrid delivers these services in the form of decreasing or shifting consumption when there is a shortage of electricity, or increased consumption, when there is an excess of electricity.
Value of flexibility
The demand for and the value of such balancing and ancillary services has increased as more of our electricity production nowadays comes from wind and solar power. This is far less predictable than traditional thermal or nuclear power generation.
Balancing and ancillary services have for many years been supplied by large or medium-sized power plants, which can adjust their production up or down to create a balance in the system. Their disadvantage, however, is a large amount of CO2 emissions and pollution of our environment.
As a result of our transition to green economy, these power plants based on burning coal, oil or natural gas shall be replaced with sustainable energy sources. More renewable energy means also more fluctuations in the system and thus increasing price of flexibility which can provide the balancing.
EConGrid provides an important contribution to the continued transition to green economy, as our technical solution can replace polluting power plants by providing balancing and ancillary services without CO2 emissions. We unlock the flexibility potential of smaller consumers in order to be able to deliver adequate balancing and ancillary services to system operators and other interested market players. It is precisely this challenge that EConGrid addresses with our software solution. This is a smarter and cleaner way of balancing the grid.