The renewable energy sector is constantly growing. The price of energy, growing concern over climate change and technological development have substantially changed consumer behavior.
The development of systems to store energy from solar panels has enabled solar energy to become a viable alternative not just for large companies, but also for small and medium-sized consumers who may be able to produce a considerable part of the energy they consume through the installation of solar panels, including in their own homes.
An inherent aspect of solar energy is that its production is determined by different circumstances, especially atmospheric conditions. Therefore, energy generation cannot be guaranteed to fully respond to the needs of the consumer. Rather, small and medium-sized generators/consumers still need to interact with the global energy market, either by acquiring energy from the system at a price or by selling its surplus energy to the market.
Foqum’s electricity flow optimization model enables a leading Spanish company in the development of smart solar energy storage technology to ensure that the energy needs of its customers are met at low cost, by optimizing interaction with the electricity market of its customers, and by leveraging market and weather data.
A leading company in the storage and improved yield of solar energy aims to coordinate groups of small users to enable them to interact with the large electricity companies, ensuring the satisfaction of their individual needs at the lowest cost.
Such a project requires the power to anticipate the consumption of each customer and the generation of solar energy, as well as automated and optimized decision-making to adapt to market changes and efficiently take advantage of fluctuations in electricity market prices.
Foqum has developed a system to optimize the flow of energy between the solar panel, the storage system, the electricity network and the consumer, in order to maximize the use of solar energy and optimize the purchase of energy from the network, thus allowing its users to interact with the electricity market at the lowest possible cost.
The result was a reduction in response time of more than 90%, ensuring optimal market interaction with greater than 96% reliability.