Edify Energy has recently launched AMS’ AI-backed trading platform across five operational solar farms – the first use of AI-based trading for utility-scale solar in the world.
The trading enablement rollout at Edify began in October 2019 and currently covers a portfolio totaling 438MW of installed capacity.
The solar farms under Edify Energy’s management using AMS’ trading platform are Daydream (180MW), Hayman (60MW), Whitsunday (69MW), Hamilton (69MW) and Gannawarra (60MW).
AMS’ AI-based software services have assisted Edify Energy and other renewable asset managers in navigating increasing price volatility and maximizing returns in the Australian National Electricity Market.
The effects of rising price volatility are especially acute in Queensland, where, during the three-month period August-October 2019, energy prices were negative for a total of 98.5 hours: 25 times higher than during the same three months in 2018.
Prices were negative during approximately 8 per cent of daylight hours. AMS’ trading platform addresses and alleviates this market volatility by self-executing “precision trading” strategy.
The platform uses a range of inputs and a proprietary machine learning algorithm to predict prices, optimize around local constraints and recommend bids that maximize financial returns.
Edify Energy Chief Executive, John Cole, said, “AMS’ software services enhance our capability in renewables trading and complements the other technical, physical and commercial aspects of power station operations and management.
“As one of the leading asset managers and owners of renewable energy and storage assets, we’re always looking to innovate and improve asset performance. AMS’ AI solution is generating real value for the solar farms’ owners and will help us navigate price volatility and constraints, particularly through the summer and shoulder months. It has been a pleasure to work with the AMS team.”
AMS Chief Executive Officer, Seyed Madaeni, said, “Deploying our AI on solar in Queensland and Victoria represents a significant expansion of AMS’ capabilities.
“Edify Energy has shown real vision and been an excellent partner to work with. We’re proud of the results we’re getting already.
“We believe that this is the first time AI trading of solar has been deployed anywhere in the world and demonstrates AMS’s ability to manage assets under a range of market conditions.
“As renewable installations increase in Australia and around the world, this type of software service will become essential for renewables asset managers to improve returns. With AMS AI, solar’s future is even brighter.”