Empower Energies is using Veritone’s intelligent distributed energy resource management platform to determine the optimal battery storage sizing for a multi-facility development project in Electric Reliability Council of Texas (ERCOT) service area.
Veritone’s iDERMS Designer used artificial intelligence (AI)-based algorithms to process years of price, load and solar generation data to determine the optimal size of a battery energy storage system (BESS) that would complement the existing solar canopy system at multiple ERCOT facilities and balance battery discharging and charging for optimal performance and savings.
The optimized BESS is expected to reduce monthly energy bills, especially during ERCOT’s scarcity pricing periods.
“We recognize that fewer reliable green energy sources and new forms of energy storage, energy supply and demand imbalances are impacting grid stability, customer satisfaction and company profitability, which is why we chose to partner with Veritone,” Robert Duva, Vice President of Engineering at Empower Energies said. “Its AI-powered iDERMS platform bridges the gap, bringing the energy sector an urgently needed solution to make green energy more predictable, reliable and cost-effective.”
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The BESS is expected to leverage Veritone’s ERCOT price forecaster for energy arbitrage to ensure maximum possible revenue generation. Participation in “value stacking” will open additional revenue streams, such as becoming a part of the demand response program, acting as a spinning reserve resource in the ERCOT ancillary service market and providing backup power for critical end-user loads during grid outage.
Texas is No. 1 in the U.S. for utility-scale wind energy installations, by far, and among the leaders in solar and battery storage new-builds, according to reports. The state's energy regulatory leaders are struggling with how to incorporate and account for all the new distributed energy resources which would be interconnected into the ERCOT grid.
Earlier this year, independent electricity developer Competitive Power Ventures chose Veritone's iDERMS to provide day-ahead and real-time energy price forecasting for the PJM independent system operator market in the eastern U.S.
