Power grid Transmission System Operators and Distribution System Operators have the critical task of maintaining the power grid’s balance between supply and demand. This balance, measured in hertz (50hz in Europe), is crucial as significant deviations can lead to power outages and damaged infrastructure. The balance must be preserved 24/7, 365 days a year, regardless of the season.
Power balancing markets are essential tools for maintaining grid stability. These markets utilize the flexibility of various energy assets, such as boilers, cooling units, and batteries, which can be powered up or down as needed within short time windows to ensure the grid remains stable and balanced.
A modern energy infrastructure requires more flexibility and intelligent management.
Both production and demand changes call for a new approach to power grid management that ensures stability and reliability while meeting the growing demand for clean energy solutions.
The Nordics and Europe have initiated a historic and comprehensive energy transition, shifting towards a modern, greener, and more sustainable energy infrastructure. Motivated by ambitious climate goals and heightened awareness of the environmental impact of fossil fuels, countries and prosumers are adopting renewable energy sources (e.g., solar, wind), embracing innovative technologies, and implementing advanced grid management strategies. This change results in a more decentralized and variable power production landscape.
On the demand side, the electrification of various sectors, particularly transportation, is creating new and variable demands on the power grid. As electric vehicles (EVs) become more common, efficient and flexible energy management is increasingly essential for handling fluctuating energy requirements and maintaining grid stability.
In this context, power balancing markets and flexibility solutions like our platform, Flextools, play a pivotal role.
Flextools offers an end-to-end solution for customers with energy assets to participate in power balancing markets. Equipped with sophisticated on-premises devices for monitoring and controlling assets, as well as state-of-the-art cloud software for data analysis, scheduling, bid management, and settlement, Flextools enables customers to engage in balancing markets, optimize their earnings, and support a reliable and greener energy system.
In essence, Flextools serves as a smart energy assistant, intelligently monitoring and managing the flexibility of numerous assets on the grid. This helps customers optimize their energy assets, earn revenue from flexibility, and contribute to a more resilient and sustainable grid.