SCHENECTADY, NEW YORK (February 3, 2003) --- GE Power Systems Energy Consulting (PSEC) and EPIS, Inc announce a joint development project to provide analytical tools to effectively deal with the Federal Energy Regulatory Commission's standard market design (SMD). Together, they will deliver computer models that communicate with each other to address SMD related issues such as locational marginal prices (LMP), congestion, nodal prices, and project valuation under conditions of uncertainty.
Energy industry professionals will be able to use the powerful transmission analysis capability of the PSEC's GE-MAPS™ (Multi-Area Production Simulation) software together with the speed of AURORA™ Electric Market Model.
"With the FERC standard market design, there is a need to understand the effects of transmission congestion on market prices," says Mark Sanford, Manager, Strategic Energy Consulting for PSEC. "Users of both GE-MAPS and AURORA will benefit from a strong combination of complementary capabilities to perform detailed simulations of the power system using GE-MAPS and to quickly perform multiple market scenarios and risk analysis using AURORA that reflects the effects of locational congestion."
PSEC licenses GE-MAPS for analyzing critical power market issues such as the value of generating portfolios, the location of transmission bottlenecks, congestion costs, and the attributes of different market structures. GE-MAPS incorporates the fundamentals required to forecast prices, congestion, and system utilization under the locational marginal pricing (LMP) system that is contemplated in the FERC's standard market design Giga-NOPR. GE-MAPS provides strategic data for making market decisions using nodal or bus level prices of energy.
EPIS licenses the AURORA Electric Market Model for timely and accurate forecasting of market energy prices and for risk mitigation analysis of price volatility on generation and contract portfolios. AURORA is the fastest tool of its kind. AURORA uses a fundamentals-based proprietary transmission constrained unit-commitment and dispatch engine to simulate hourly spot and locational prices for energy markets and hubs. AURORA's proven speed, analytical flexibility, and capability to analyze many scenarios and volatility drivers sets it apart from other modeling tools. AURORA also provides a market-leading automated future capacity expansion capability that considers a variety of new technologies, resource options, and retirements for use in multi-year studies and long-term price forecasts.
"This joint development project will provide a solution that combines the benefits of the detailed transmission and analytical capability of GE-MAPS with the speed and flexibility of AURORA. Together they address a wide range of emerging analytical issues in the power industry, including SMD," says Warren H. Winter, President, EPIS. "Our collaboration will provide the capability to reflect transmission congestion and effects of resultant LMP in market forecast prices that are both accurate and timely. These forecasts will enable users to study the effects of bus level congestion on zonal market prices and perform calibrated multi-year risk studies."
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