1 – The functionality your competition is asking for
The evolution of European energy markets has resulted in a drive towards real-time data management and an increasing growth in data volumes. The key requirement being the introduction of automation to manage incrementally growing data.
Imagine the vast resource and time required to manage administration processes; capturing meter point parameters such as power consumption, power production, metering data estimation and validation. Staying lean and nimble is essential in today’s fast-paced markets, a realistic possibility for competitive trading houses that choose to invest in digital solutions. This crucial data can be effortlessly captured, reported on and added into workflows for automated billing and settlement within specialised physical power trading solutions such as Brady’s system.
Additionally, physical power markets require the ability to meet tight time frames and have fast reaction to changing factors. As an example, the new mFRR energy activation market (2022-2023) requires response times from activation to actually ramping up/down production to be just a few minutes. Time series data management, automated calculations and robust workflows are critical necessities in achieving these challenging deadlines. You can guarantee if your competitors do not already have these solutions in place, it will be high on their agendas for 2020.
2 – How to create a nimble, functionally rich landscape
Critical data managed within your energy suite can be integrated with key systems to create an ecosystem of best of breed solutions, making optimisation possible. You do not need to rely on a monolithic system if you have capability to integrate specialist systems.
Brady’s strength is our connectivity and we see this as a critical ingredient in forward thinking software solutions today. We have a comprehensive communications layer, able to handle time-series and over 300 different message types. Whether it is connecting with optimising tools or AI solutions, we are able to help customers meet their current and future technical landscape requirements.
Looking at the current models of systems and vendors, the monolithic approach is no longer an optimal one. Upgrade timescales are slower, testing resources greater and maintenance costs higher, meaning systems cannot be as nimble or cost effective to both market changes and moving customer requirements.
Our view is that companies should review key processes, measure them up against a best of breed strategy, and devise a strong integration strategy to consolidate the main systems supporting core data flows to create optimal business process support.
3 – Prepare for tomorrow’s market changes
The direction of travel for power markets in Europe is for increased integration across national borders. Currently European power markets have more or less a 1-to-1 mapping between country power grids and country-specific capacity, ancillary services, day-ahead and intraday markets. More and more we are seeing projects to integrate these individual country markets to create much wider cross European or sub-regional marketplaces.
Brady sees the European energy markets moving away from individual European country exchanges to wider market areas like the ISO/PJM markets in North America. This will initially occur with the short-term power and electricity services market in the next 5 to 10 years to be followed by futures markets offerings covering these new wider regions rather than individual countries.
We believe close engagement with customers is essential in understanding how market changes impact their processes. We commit to frequent user council meetings in addition to a busy timetable of customer webinars and an annual Energy User Summit, so that we can remain connected and in sync with all of our energy customers needs.
Brady is continuously keeping abreast of the European market’s evolution and adapting our solutions to allow our current and future customers to seamlessly take advantage of this growth in market size and complexity.
Contact us today and let us help you to start trading more profitably