Periodic Reporting for period 1 - Streem Application (Streem Energy Application - - HORIZON-EIE-2022-SCALEUP-02)
Okres sprawozdawczy: 2023-07-01 do 2024-06-30
As the global energy sector transitions to a renewable-centric model, companies face significant logistical challenges. The shift from large fossil fuel plants to smaller, more numerous renewable generation assets results in a more geographically distributed and less predictable electricity supply. Renewable energy sources, such as wind and solar, inherently produce electricity with greater variability, making efficient management of energy grids more complex. Additionally, the rise of data-centric innovations, like smart meters, highlights the growing importance of managing vast data flows to maintain grid stability and efficiency.
Streem Energy operates within this evolving landscape, providing advanced data services to companies involved in renewable energy production and sales. We recognize the critical need for these services due to the expanding and increasingly complex nature of the renewable energy sector. As European energy markets become more harmonized, interconnected, and interdependent, we believe that the data services supporting these markets must reflect this interconnectedness. Our primary goal is to develop a unified, Europe-wide data hub that enables seamless interaction between different market data, enhancing the efficiency and effectiveness of our users' operations.
At the core of our mission is a commitment to reducing global carbon emissions and mitigating climate change. We aim to support the transition to low-carbon electricity production worldwide through our innovative data services, which are designed to drive the green energy transition in the coming years.
Our project focused on two key objectives: establishing a physical presence in Spain and developing the next generation of our Pricing Engine module, which addresses imbalance risk. These work packages were crucial steps toward realizing our vision of a Europe-wide data hub and are well-suited for the support provided by the Horizon program, making them the focal points of our application.
Streem Energy operates within this evolving landscape, providing advanced data services to companies involved in renewable energy production and sales. We recognize the critical need for these services due to the expanding and increasingly complex nature of the renewable energy sector. As European energy markets become more harmonized, interconnected, and interdependent, we believe that the data services supporting these markets must reflect this interconnectedness. Our primary goal is to develop a unified, Europe-wide data hub that enables seamless interaction between different market data, enhancing the efficiency and effectiveness of our users' operations.
At the core of our mission is a commitment to reducing global carbon emissions and mitigating climate change. We aim to support the transition to low-carbon electricity production worldwide through our innovative data services, which are designed to drive the green energy transition in the coming years.
Our project focused on two key objectives: establishing a physical presence in Spain and developing the next generation of our Pricing Engine module, which addresses imbalance risk. These work packages were crucial steps toward realizing our vision of a Europe-wide data hub and are well-suited for the support provided by the Horizon program, making them the focal points of our application.
Expanding our presence in Spain primarily involved communication and outreach efforts. However, our initial commercial discussions with potential clients prompted us to strategically reposition ourselves to stand out from local competitors by focusing our value proposition on commercial sales management. We had to adapt our standard offer to some specific’s patterns of the Spanish renewable market.
A substantial investment of resources was made into the development of our Pricing Engine Model to enhance our service offering. We focused on estimating balancing risks in the French and German markets. The model developed is closely integrated with our generation forecast model, as balancing risk is directly linked to the ability to accurately forecast renewable energy generation. We provide standard deviation of imbalance resulting costs in Eur/Mwh equivalent. The initial version of the Risk Model was completed in the summer of 2023. Although it was not immediately deployed on our platform, we shared the data through an API with one of our existing clients as a proof of concept (POC). The results were mixed; while the target accuracy was achieved (actuals costs falling in the standard deviation range as expected), the model did not significantly differentiate between installations, reducing its overall value. Following interviews with potential leads, we decided to evolve the model into a comprehensive risk assessment tool, focusing on various risk sensitivities within a portfolio, including price outright, balancing risk, and profile risk. A prototype of this enhanced model was successfully pitched to our audience: one of our clients has committed to a two-year subscription, marking a significant success and validation of our product-market fit in this area.
These actions have positioned Streem Energy as a growing player in the renewable energy data services sector. While the Spanish market presents challenges due to its maturity, our success in other areas, particularly with the Pricing Engine Model, reflects the potential for continued growth and innovation. The forthcoming deployment of our enhanced risk model represents a major milestone in our project and serves as a testament to our ability to empower new players to manage their complex intrinsic renewable portfolio risk in an accessible manner.
A substantial investment of resources was made into the development of our Pricing Engine Model to enhance our service offering. We focused on estimating balancing risks in the French and German markets. The model developed is closely integrated with our generation forecast model, as balancing risk is directly linked to the ability to accurately forecast renewable energy generation. We provide standard deviation of imbalance resulting costs in Eur/Mwh equivalent. The initial version of the Risk Model was completed in the summer of 2023. Although it was not immediately deployed on our platform, we shared the data through an API with one of our existing clients as a proof of concept (POC). The results were mixed; while the target accuracy was achieved (actuals costs falling in the standard deviation range as expected), the model did not significantly differentiate between installations, reducing its overall value. Following interviews with potential leads, we decided to evolve the model into a comprehensive risk assessment tool, focusing on various risk sensitivities within a portfolio, including price outright, balancing risk, and profile risk. A prototype of this enhanced model was successfully pitched to our audience: one of our clients has committed to a two-year subscription, marking a significant success and validation of our product-market fit in this area.
These actions have positioned Streem Energy as a growing player in the renewable energy data services sector. While the Spanish market presents challenges due to its maturity, our success in other areas, particularly with the Pricing Engine Model, reflects the potential for continued growth and innovation. The forthcoming deployment of our enhanced risk model represents a major milestone in our project and serves as a testament to our ability to empower new players to manage their complex intrinsic renewable portfolio risk in an accessible manner.
Expanding our presence in the Spanish market represents a crucial milestone in our broader strategy to establish a Europe-wide data hub, designed to interconnect and enhance the renewable energy marketing operations of our clients. This step is vital not only for solidifying our position in Spain but also for advancing our vision of seamless integration across European renewable energy markets.
To further accelerate our growth, our next steps will focus on expanding our client base by intensifying marketing efforts and introducing several highly requested features to our product offerings.
The enhancements brought to our pricing engine will sophisticate service, empowering new renewable energy market entrants to navigate the increasingly volatile energy market conditions. With these advanced tools, users will be better equipped to manage uncertainties, allowing them to more accurately assess and mitigate risks associated with their renewable energy portfolios.
The project has significantly advanced our product line, aligning with the roadmap we established at the outset. As we continue to innovate and refine our offerings, we are committed to ensuring that our solutions not only meet but exceed the evolving needs of the renewable energy sector. To ensure further uptake and success, we recognize the importance of continued research, demonstration efforts, and securing access to markets and finance. Additionally, we will focus on commercialization, intellectual property rights (IPR) support, international expansion, and aligning with supportive regulatory and standardization frameworks, driving impactful results that contribute to the broader energy transition across Europe.
To further accelerate our growth, our next steps will focus on expanding our client base by intensifying marketing efforts and introducing several highly requested features to our product offerings.
The enhancements brought to our pricing engine will sophisticate service, empowering new renewable energy market entrants to navigate the increasingly volatile energy market conditions. With these advanced tools, users will be better equipped to manage uncertainties, allowing them to more accurately assess and mitigate risks associated with their renewable energy portfolios.
The project has significantly advanced our product line, aligning with the roadmap we established at the outset. As we continue to innovate and refine our offerings, we are committed to ensuring that our solutions not only meet but exceed the evolving needs of the renewable energy sector. To ensure further uptake and success, we recognize the importance of continued research, demonstration efforts, and securing access to markets and finance. Additionally, we will focus on commercialization, intellectual property rights (IPR) support, international expansion, and aligning with supportive regulatory and standardization frameworks, driving impactful results that contribute to the broader energy transition across Europe.