Renewable energy for the reserve market - 5 tips for those considering it

Participating in the electricity reserve market can be beneficial for renewable energy power plants that produce a lot of electricity, as it provides an opportunity to support the electricity grid and be compensated for providing the reserve. With the help of the reserve market, you can diversify the earning models of the production unit and make more versatile use of the investment. In this blog, I discuss a little about how renewable energy sites and electricity storages can be utilized in accordance with the latest technologies and how to get familiar with the matter.

Syncron Tech participates at Wind Finland 2023 event, which will be held at Kaapelitehdas in Helsinki on October 4, 2023. Wind Finland is the most significant wind power-focused event in Finland, and this year, the event is expected to have over 700 participants from more than 12 different countries.

The energy transition, a revolution, is shaping the electricity market at a frantic pace. The game's rules are changing, and new resources, marketplaces, services, and actors exist. In the past, electricity producers anticipated electricity demand and price levels based on their solid experience and planned electricity production accordingly. This is changing and has already changed. The electricity supply from renewable sources varies regardless of demand, increasing price volatility in the electricity market. Price spikes tend to pass through the entire electricity supply chain over time, which is apt to encourage end users to plan their consumption. With more adaptively planned consumption, factories can significantly reduce the average price of purchased electricity already - and this development is getting stronger.

Wind power on the rise Wind power is being built in Finland at an accelerating pace. According to the Finnish Wind Power Association's statistics, there are over 50,000 megawatts worth of wind power projects at various stages in Finland. As wind power increases rapidly, it occasionally covers a significant part of the electricity system's production. However, the production and consumption of the electricity system must be constantly balanced. Such situations pose challenges for maintaining balance. Wind power can also be part of the solution to these challenges. At the same time, opportunities open up for more versatile use of wind power in the energy system, rather than just producing energy. Correspondingly, the economic potential for return on investment increases when wind turbines can be used for multiple purposes.

Syncron Tech participates at Energia 2022 Event, which is the main Event of Energy in Finland, 25-27 Oct 2022 in Tampere.

Until lately process industry has operated in an environment of reasonably predictable costs of energy. However, the recent turmoil in prices of natural gas and electricity is only adding to the impact of longer-term global trends in the energy markets, creating challenges to the industry.

Wind farms are being built all over Finland, perhaps with the exception of the easternmost regions, and solar power is gaining popularity, both among private households and on an industrial scale. At the same time, Fingrid is building new connections and substations. Grid energy storage is increasing at an accelerating pace, especially in terms of capacity. These developments are somehow linked.

Syncron Tech partnership with Tieto on Energy Management solutions and expand with SyncPower® EMS Tieto's TIPS portfolio for the Pulp, Paper and Flat sheet industry. SyncPower® EMS is a software module for forecasting and optimising mills’ energy consumption with far greater accuracy than before and providing better capabilities to participate in energy markets. In addition, it solves many other practical questions around energy management planning and internal processes, such as invoicing. The integration of SyncPower EMS with TIPS will also benefit customers through its fast payback time. Tieto is a global leader in Pulp and Paper industry MES software. Tieto’s TIPS solution is optimized for the pulp, paper, board, tissue and flat sheet industries utilizing the industry-proven best functions for both MES (Manufacturing Execution System) and ERP (Enterprise Resource Planning). “We are pleased to deepen our partnership with Tieto to provide improved, more comprehensive solutions for the industry and innovate new services and solutions around energy management and optimisation”, says Jussi Eskelinen, CEO, Syncron Tech Oy.