PROMOD is a fundamental electric market simulation solution that incorporates extensive details in generating unit operating characteristics, transmission grid topology and constraints, and market system operations to support economic transmission planning.
A generator and portfolio modeling system, PROMOD provides nodal locational marginal price (LMP) forecasting and transmission analysis by producing algorithms that align with the decision focus of management.
Key nodal features include:
- LMP forecasting for selected nodes, user-defined hubs, or load-weighted or generator-weighted zones.
- Financial Transmission Right (FTR), Congestion Revenue Right (CRR) and
- Transmission Congestion Contract (TCC) Valuation for quantifying market prices, identifying binding constraints, and evaluating the economic impacts of constraints significant to the business.
- Renewable Energy Curtailment to simulate the effects of intermittent energy schedules from wind and solar projects on transmission congestion, and forecast the amount of energy that would be curtailed considering the opportunity costs from production tax credits.
- Economic Transmission Analysis to quickly evaluate the economic benefit/cost, the increase/decrease in hourly/monthly congestion, and the increase/decrease in reliability metrics associated with transmission expansion and outage scheduling.
Key zonal features include:
- Power market analysis for quantifying the operating risks associated with each facility and developing a detailed forecast of market prices and system operation under various conditions.