Post: GridBeyond’s optimization software outperformed competitors by up to 40% in 2024 

GridBeyond’s optimization software outperformed competitors by up to 40% in 2024 

GridBeyond’s optimization software outperformed competitors by up to 40% in 2024 

GridBeyond’s optimization software was able to outperform competitors by up to 40% during peak market conditions of August 2024 in ERCOT, highlighting the importance of having a robust bidding strategy according to GridBeyond’s latest report ‘ERCOT and CAISO market trends in 2024 and successful bid optimization’ 

Battery energy storage systems (BESS) play an essential role in balancing grids with high renewable energy. They can charge during low price hours and discharge during high price hours in the wholesale markets, or support grid stability participating in the ancillary markets. It is important for BESS owners to maximise their profit by deciding how to balance between the different markets. 

In a recent white paper, GridBeyond explored market trends in ERCOT (Electric Reliability Council of Texas) and CAISO (California Independent System Operator) impacting power storage and what makes a successful bid optimization strategy.  

The report looks at a two-hour duration battery as the benchmark, providing a standardized comparison across two distinct market environments, examining revenue data for 2023 and 2024.  

The analysis looks at the drivers of battery revenues identifying the weather as having a crucial role in determining the revenue potential for battery storage systems in energy markets, especially in regions with high renewable penetration such as wind and solar. It also analyses market price fluctuations influenced by a combination of regulatory advancements, load growth, and the evolving resource mix.  

High-quality forecasts for energy prices and ancillary service deployment are foundational to effective strategy execution. Accurate forecasting allows participants to anticipate price movements, optimize bidding strategies, and enhance storage deployment.  

Reliable forecasts of ancillary service prices and requirements, such as reserves and frequency response, also enable participants to adjust their participation in these markets dynamically, capitalizing on price spikes or demand for specific services.  

Full report can be found here