As the intensified production of renewables softens the blow on the global energy crisis, the increasing share of non conventional energy sources, accompanied by widespread electrification and decentralisation, is stressing the national grids and causing fluctuating demands and unpredicted blackouts. This concerning scenario has raised some critical questions.
How can organisations balance consumption and generation in the energy market and avoid large-scale blackouts?
How can companies improve their decisive edge in today’s volatile market?
The answer lies in advanced analytics and automation of short-term power trading in the wholesales electricity markets.
Businesses can utilise Trading-as-a-Service solutions to deploy advanced analytics to automate short-term and continuous intraday trading and commercially optimise their asset use. At this juncture, enspired enters the scene, eliminating the hurdles in short-term electricity trading and offering Trading-as-a-Service with its AI-powered platform that manages large amounts of data for real-time trading optimisation.
“Our primary focus is to leverage the newest technologies to bring flexibility to the energy trading arena at a global scale,” says Jürgen Mayerhofer, CEO and Co-founder of enspired. “enspired enables a real-time, fast, and flexible reaction to the changing market scenarios for optimum battery storage.”
Navigating Short-term Power Markets with an Augmented Trading Solution
Micro weather conditions, meter-level consumption data, historical weather models, cross-border capacities, power plant outages, and more are the dynamic elements that make it arduous for power asset owners to make trading decisions.
To navigate these uncertainties, enspired has developed a platform that combines the prowess of artificial intelligence and machine learning with human intelligence and skills. This symbiosis has resulted in a groundbreaking self-learning algorithm-based trading platform that automatically optimises trading strategies according to unique assets and market conditions and generates higher profits.
enspired currently uses over seven billion data points and validated predictions to train its AI-augmented trading algorithms to analyse real-time data, recognise changing market narratives, and react within milliseconds to unforeseen events that might influence the market.
The platform executes the trading processes in European power exchanges, like EPEX and Nord Pool, focusing on day ahead and intraday markets. It also has a separate AI community that performs R&D in the field of reinforcement learning.
With its fully digital approach that doesn’t require human intervention, enspired predicts the optimum market phase (auctions or continuous trading) to trade in and generates higher outcomes of power assets for its customers. This AI-backed functionality eliminates the need for round-the-clock monitoring by trading teams and significantly reduces operational and market risks.
The use of machine learning substantially augments power generation and demand forecasts while predicting price movements in the intraday trading market. enspired also helps power asset owners market their flexible systems in the short term electricity market and realise higher value. It combines direct market access with its innovative platform to flexible market assets, including pumped storage, thermal flexibility, smart charging for EVs (or other demand-side flex), renewable energy sources, and standalone and co-located battery storage.
The platform considers each power plant’s technical specifications and commercial transactions to execute a trade that will generate higher returns. It allows asset owners to assess the commercial operations of their flexible systems in the intraday market and drive greater values. Once the platform has demonstrated its value, enspired deploys the systems in other geographic locations and offers the use case in different market scenarios.
Customer-centricity as a Cornerstone of enspired’s Culture
Historically, energy markets have suffered trust deficit and transparency issues. Many businesses face severe losses due to a lack of knowledge and trust among their trading partners.
We have our very own enspired vibe, and our clients can feel this in everything we do
enspired brings a paradigm shift in this legacy scenario and sets a benchmark by bringing transparency into the energy trading sector.
“We believe the energy industry is still not transparent enough, especially regarding the value of flexible assets,” says Mayerhofer. “For that reason, we provide all prospective customers with value expectations before signing a Trading-as a-Service agreement with us.”
enspired’s customers can view all asset optimisation in real time via their trading dashboards and monitor trading activities. In addition, its experts regularly converse with clients about trading performance and propose strategic improvements to further enhance their profits. A detailed report evaluating all trades and profits is shared at the end of each month, giving energy companies a holistic view of the performance of various energy assets.
“We want our partners and customers to truly understand how our optimisation works so they can contribute. They know their assets, and we know the market,” adds Mayerhofer.
enspired demonstrates its dedication to the success of its clients through its profit-sharing pricing model, where it charges no upfront fees, allowing businesses to try the trading platform without risk. This innovative service model has placed enspired in an advantageous position and garnered the trust of numerous businesses.
By making short-term intraday trading feasible for companies, enspired has contributed to the grid stability and security of power supply. Believing vehicle-to-grid will be the largest source of battery storage in upcoming years, enspired has optimised EV consumption based on short-term power prices since 2020.
PV-battery combinations are critical for energy transition and are technically and economically complex. enspired’s approach—as a fully digital trading entity—allows it to utilise the latest technology to trade energy without human interaction. The company has devised highly flexible and fast trading strategies for battery storage that address the changing market situations.
“We utilise real-time optimisation, tightly integrated with the market to ensure adherence to technical restrictions while maximising commercial results,” states Mayerhofer.
To achieve even higher returns, the models take into account all available market phases (auctions and continuous markets) to establish an initial dispatch of energy, while re optimizing up to 2,000 trades every day for a single battery. This setup has proved its efficiency in optimising numerous battery combinations with a lead of merely one to two weeks. enspired is also heeding the restrictions—maximum cycle of batteries, ramps, and more—across all of its use cases in pumped storage, renewable generation, flexible demand, battery storage, and flexible generation.
By virtue of such an innovative approach, the company serves various owners of flexible assets, from utilities to asset developers and energy-intensive industries, for their unique demands. enspired also works with various partners to enhance the operations of existing virtual power plants (VPPs).
A Culture that Promotes Innovation
Mayerhofer takes immense pride in his team, which is the impetus behind the successful development of the enspired trading platform. The diverse team of data scientists, software developers, and algorithmic experts has leveraged its industry and technology expertise to develop a platform that addresses severe energy challenges. enspired’s culture–respect, authenticity, creativity, and innovation–is another driving force behind its triumph in Europe’s energy sector.
To ensure hiring professionals with the same values and vision, enspired developed the SPICE model. SPICE, which stands for shape, perform, inspire, competence, and energy, translates the company’s core beliefs into everyday behaviours, mindsets, and actions. enspired’s ‘Let It Grow’ initiative ensures team members are aware of their day-to-day responsibilities and take actions that uphold their culture and promote innovation.
“We have our very own enspired vibe and our clients can feel this in everything we do, be it delivering an innovative product, supporting our clients in their energy transition journey, or being totally honest and transparent,” adds Mayerhofer.
The stimulus behind enspired’s genesis is the founding team’s vision to democratise algorithm-based trading platforms and enable small and mid-sized companies to actively participate in trading with these platforms. The founding members also anticipated the rise of renewable energy sources and aimed to bring flexible assets to the short-term power markets. With a passion for achieving these milestones, combined with their longstanding experience working with Europe’s largest electricity players, enspired’s experts transformed Europe’s energy market with their trading platform.
We utilise real-time optimisation, tightly integrated with the market, to ensure adherence to technical restrictions while maximising commercial results
enspired actively offsets its employees’ carbon footprints and offers environmentally friendly choices throughout their association with the company. Its environmental consciousness has garnered immense appreciation in the industry and sparked conversations among many industry leaders regarding the impending climate crisis.
enspired secured EUR 7.5 million in funding in financing rounds led by global cleantech investors Emerald Technology Ventures and 360 Capital to make power grids more flexible.
Looking ahead, enspired is scaling its offerings across Europe to identify major deficits across energy markets. enspired’s potential to trigger a change across global energy markets is intriguing and accentuates how mission-driven individuals are challenging legacy energy narratives and inspiring business leaders to become a part of the change.