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Telstra Energy and Fluence announced the deployment of the Fluence IQ Bidding Application to optimise the performance of the 232 MW Murra Warra 1 Wind Farm in Victoria and the 88 MW Emerald Solar Park in Queensland.
Murra Warra 1 and Emerald Solar Park, which both have long-term power purchase agreements to supply clean energy to Telstra Energy and their offtake partners, have chosen to upgrade their existing ground-breaking internally developed automated dispatch system by adopting the Fluence IQ Bidding Application to further maximise generation during favorable market conditions and avoid generation during periods of oversupply and negative prices.
The Fluence IQ Bidding Application analyses thousands of variables to provide leading price forecasting and optimisation using proprietary machine learning algorithms, enabling renewable asset owners and operators like Telstra Energy to optimise bidding and dispatch in Australia’s National Electricity Market (NEM). The resulting market-compliant bids can increase revenue for wind and solar asset owners and operators by up to 10% over a 12-month period.
“We are very pleased to be working with Telstra Energy to maximise the performance of two of its key sources of clean energy and providing them a solution to navigate the volatility and complexities of Australia’s energy market. The NEM’s shift to ‘five-minute settlement’ last year, where the market is both dispatched and settled at five-minute intervals, requires renewable energy assets to have extremely accurate price forecasting abilities to ensure they avoid any adverse pricing events. The Fluence IQ Bidding Application helps renewable energy assets overcome this challenge. The deployment of AI-based trading platforms such as ours will play a critical role in assisting the transition towards clean energy generation and the viability of large-scale renewable assets,” Fluence’s Chief Digital Officer Seyed Madaeni commented.
Located in North Western Victoria, Murra Warra 1 is currently undergoing an expansion to add a second stage that on completion will see its 99 wind turbines produce more than 1,800 GWh annually – enough electricity to power about 420,000 average homes each year.