Iberdrola Digitalises Power Production Planning With Volue's Smart Power Software
Spanish energy giant Iberdrola has signed a framework agreement with Volue for the short term production planning and optimisation of its power plant portfolio. The first part of the delivery focuses on Iberdrola’s hydropower portfolio. The contract confirms Volue’s position as a market leader in Europe.
Iberdrola has been at the forefront of sustainability and technological innovation from its foundation.
A leader in the green transition, Iberdrola is one of the world's biggest electricity utilities by market capitalisation that now embarks on a digitalisation journey with Volue to enhance the management of its 160 hydropower plants. The goal is to put in place a solution to support the market bidding and dispatching processes that unlocks the flexibility of the generation portfolio and boosts the digitalisation that the energy management processes require in the green transition.
In the course of the project, which started out with a successful proof of concept two years ago, the Volue team will configure its off-the-shelf software and adapt it to Iberdrola’s specific business processes. Through a standard software suite, Iberdrola will be able to optimally manage the production of its hydropower plants across all the power markets in Iberia, both exchange (OMIE) and TSO (REE and REN) markets. Volue software is a flexible solution that can be easily configured to manage all processes of the Iberian power market. The processes are modelled on top of a common platform and the software seamlessly manages the relationship between energy market bidding units (UOF), TSO production units (UP) and physical units (UFI).
Support for the entire value chain of energy management processes
Energy management is at the core of Iberdrola’s business and Volue supports all energy management business processes, including the short-term production planning, the creation of bidding strategies and trading and scheduling for all the different energy markets where Iberdrola is active.
Transparency through digitalisation and data
Through the digitalisation of processes, Iberdrola will build a body of traceable data. The easy to understand results are the prerequisite for achieving transparency – internally as well as externally.
Enabling the green transition in Spain
Climate change is a palpable threat.
Spain has placed the energy transition at the core of its energy and climate policies and aims to achieve climate neutrality before 2040. Hydropower plants are key to the energy transition because they provide precious, large scale flexibility to compensate for the high intermittency of other renewable resources.
Volue is a market leader in technologies and services that power the green transition. Based on 50 years of experience, Volue provides innovative solutions, systems and insights to industries critical to society. Around 780 employees work with more than 2,200 customers across energy, power grid, water and infrastructure projects that ensure a sustainable, flexible and reliable future. The company is headquartered in Oslo, Norway and is active in 40+ countries.
Iberdrola, Europe’s largest electricity utility by market capitalization and one of the world's top three electricity companies, is a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.
The company has a workforce of over 40,600 and assets in excess of €154.6.billion. In 2022, Iberdrola posted revenues of nearly €54 billion, net profit of €4.34 billion, with €7.5 billion paid in tax contributions in the countries where it operates. The company helps to support more than 400,000 jobs in communities across its supply chain, and global supplier purchases topped €17.8 billion in 2022. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
Volue Smart Power: Automated production planning and trading
Automation and asset optimisation are key to capture the value of your assets in the power markets. By automating and optimising the production planning and trading process, Volue’s new Smart Power software suite contributes to increased revenues.