Investigating a business innovation: energy loans
Today’s energy markets are still reflecting the cost structures of power plants. Bidding for novel flexible services (like battery storage) is not supported well, mostly because their value comes to a large degree from timing: they can freely shift towards when their service is most valuable. Seita, together with CWI, will test out a new financial product called “energy loans”, which can improve today’s markets. This idea will be prototyped algorithmically, but in parallel Seita will also develop the business case by holding conversations with potential business stakeholders. Funding for this project was granted by NWO Domain Applied and Engineering Sciences.
Developing a balancing valorisation platform for Jeju
In recent years, South Korea accelerated its deployment of renewable energy and assigned Jeju, its largest island, as a testing ground for smart grid concepts like battery storage and demand response (for example, using electric vehicles). In a project funded by A1 Engineering, Seita, together with A1 Engineering, will develop a balancing valorisation platform for Jeju: a multi-user web application for scheduling balancing actions from a diverse set of assets on the island. The platform allows energy companies and asset owners to monitor power consumption and production as well as relevant price data. In addition, the platform uses algorithms for machine learning and control strategies to assist human operators with forecasts and decision-making.
Evaluating automated contract settlement on blockchains
Settlement of goods and services is becoming more and more automised and decentralised. This can lower costs, remove barriers to entry and improve trust and transparency. In a project funded by EIT Digital, Seita evaluated and contributed to a contract framework for energy which can be applied to blockchain platforms.