The Design Challenge
Cost-effective energy storage is a game changer that promises to revolutionize the integration of renewable energy. However, designing and operating a renewable energy generation facility with integrated energy storage is a complex and expensive task that requires expert knowledge of power markets, process engineering, and project finance. Today, evaluation goes back and forth between engineers and financial analysts in a drawn out and cumbersome process. The sheer number of options and deep complexity compels design teams to limit their options and and to rely on simplifying assumptions, leading to poor accuracy, restricted range of solutions, and high risk of missing more cost-effective designs.
The MEPS™ Solution
MEPS Designer™ integrates power markets, process engineering, and financial expertise in a single software solution to illuminate how wind, PV, and hybrid wind-PV projects can capitalize on energy storage. Our software runs thousands of engineering design simulations in the Cloud, driven by historical weather data, load profiles, utility tariffs, and electricity prices. It then uses proprietary AI algorithms to analyze their results and to specify the combination of renewable generation and storage assets that will deliver the most value. The final design includes an investment-grade analysis of the project, streamlining the financing process.
The Operational Challenge
Renewable energy facilities face constantly changing loads, energy prices, and weather. Intelligent algorithms are needed to optimize the charging and discharging of storage assets to maximize profits.
The MEPS™ Solution
MEPS Management™ operates as an energy management system for renewable plus storage projects that enables energy traders to capitalize on energy arbitrage and other strategies. These strategies for charging and discharging energy storage can be distilled from simulations driven by load, price, and weather forecasts by applying proprietary AI algorithms and implemented through secure M2M communications.