With a comprehensive route-to-market study, an energy producer’s BESS project will maximize profitability and efficiency.
Uprise, a trusted expert in transforming Europe’s energy landscape, has partnered with Gurobi Optimization, LLC, the leader in decision intelligence technology, to help a Norwegian state-owned energy producer develop an optimized strategy for battery energy storage system (BESS) deployment in Croatia.
Statkraft, the largest producer of renewable energy in Europe, needed a financial model demonstrating the project’s viability. They turned to Uprise, a local energy consultancy and software development firm, for help developing a comprehensive route-to-market study.
As a Gurobi partner, Uprise was able to leverage the fastest solver on the market—a quality that was critical to the success of Statkraft’s project.
“In the energy sector, speed is extremely important, and problems exhibit a high degree of complexity. For example, energy portfolio and electrical power grid optimizations are typically performed daily, often multiple times per day, and usually with strict time constraints,” explained Zlatko Ofak, Business Development and Innovation Lead at Uprise.
Using expenditure and market data, along with market and technical constraints, Uprise modeled the Croatian market and used Gurobi to generate an optimal trading strategy, financial projections, and key performance indicators, such as internal rate of return (IRR).
By simulating hundreds of potential market behaviors and operational trade-offs, the optimization model uncovered the best path forward—including a 12-25% increase in forecasted revenue due to the hourly multimarket optimization approach, plus detailed insight into optimal day-to-day market strategy approaches.
“With this study, we were able to analyze different market approaches and understand which scenario was best for us in order to move forward,” said Krešimir Benčić, Senior Project Developer at Statkraft. “We now have the information we need to present to the board, and we got some valuable feedback that we will also be able to use if we move forward with other battery projects in the future.”
“We are proud to partner with Uprise to help companies like Statkraft navigate an increasingly complex energy landscape and develop solutions that are powering a more sustainable future,” said Duke Perrucci, CEO of Gurobi Optimization.
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