BoFiT Optimization

BoFiT Optimization is an instrument which maps your generation or trading portfolio into a mathematical model. Based on this model optimization tasks can be formulated and calculated for the various business processes.

On the one hand, it allows investment planning, on the other hand, trading flexibilities can be optimized at short notice vis-à-vis current markets. Market channel optimization is possible, as is the evaluation of contracts or recalculation of portfolio performance.

The model is created graphically, and no specialized mathematical knowledge is required. A basic model can be used for all business processes by creating variants.

Multi-exchange capability

BoFiT Optimisation provides robust support for several exchanges or trading venues simultaneously.

Simple

The model is created graphically, and no specialized mathematical knowledge is required.

Complete overview

An optimization solution helps to monitor all aspects of cross-function planning and to utilize the resulting market opportunities in optimal fashion.

Why Optimising?

With the transformation of the energy system a generation portfolio has to be adapted constantly to new conditions. The more generation units are involved and the more commodities and markets have to be observed, the more difficult the management gets.

An optimization solution helps to monitor all aspects of cross-function planning and to utilize the resulting market opportunities in optimal fashion.



Applications

NEW POSSIBILITIES IN LONG-TERM PLANNING

Long-term Planning

The planning processes of production portfolios require the optimization of very long periods in many places. From investment/divestment planning to economic planning and (remaining) annual planning all users are struggling with the balancing act between model accuracy and solution time for optimization. The market rules generally force hourly modeling. To limit the model size, methods are often used that subdivide the whole problem into sub-problems
(e.g. optimization in monthly slices).

New Opportunities

Since BoFiT Optimization 7.1 an optimization problem can now be optimized completely or partially relaxed. This means that the actual binary variables of the problem are no longer considered binary and solutions are also allowed where these values deviate from 0 and 1.
First application examples show that the solution times decrease dramatically, while at the same time the considered fuel quantities etc. only deviate by a few percent from the non-relaxed solution. Since the model error due to unknown long-term stock exchange prices or heat demand is considerably higher, considerable advantages for long-term planning can be tapped here.
For the remaining year planning, it is also possible to calculate the exact model at the beginning of the optimization horizon and, for example, from the second month of the optimization to relax the binary variables. In addition, the start-up ramp can now be switched off for parts of the horizon, since these modelling details typically are only relevant for the short-term results.

Application

The feature is included in the standard since BoFiT Optimization 7.1. Are you interested in a study to redesign your planning processes with a view to these new possibilities?
Contact us.

System Requirements

BoFiT Optimization runs under current Windows operating systems and requires database access. Oracle and PostGreSQL are supported. On the server side, BoFiT Optimization can be distributed among several servers in oder to adapt the installation to individual requirements for computing capacity and performance. BoFiT Optimization can be combined with BoFiT Forecast and ITA in a joint installation.

LATEST RELEASE

BoFiT 7.4 New Functions

BoFiT 7.4 is the perfect addition to ITA 3.0 for managing portfolios on an intraday basis. Multiple unavailability messages can now be sent simultaneously to ensure that market rules for short-term trading are complied with. The option of using several starting solutions for a scenario increases
performance with complex optimization issues, even with rolling planning.

BoFiT Optimization 7.4 offers:

  • Folder Structure for Business Objects
    • Process-oriented storage of all objects in a free folder structure
    • Folders in Modelbuilder-Explorer can be named and managed freely (similar to Windows-Explorer)
    • Time series structure in connectors remains unchanged
    • Links can be created on all objects
    • Optimization components for sector coupling are now included in the standard license
    • Older components for district heating (FW mixing nodes and FW line E) were discontinued

Additional Functions for ProCom Data Hub 7.3:

  • Database Connector to the MESAP System
  • Export and import into MQTT messages
  • Web API for optimization results

Use:

Make your processes more transparent with the aid of an extended operational log and optionally configuring processes with a key date. The ProCom Data Hub functions are available for both ITA 3.0 and BoFiT 7.4.

Discover BoFiT Optimization


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