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Summary
Benchmarking performance is key to understanding the efficacy of your decision making and enables you to interrogateanalyse, and thereby improve, the decision making process.
Performance metrics will change and evolve as manual bids transition to algo Algo bids and as the sophistication of algo Algo bids improves. Therefore the number and types of reports is likely to change over time.
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Benchmarking Algo ‘what if’ against Actual Manual
Initially performance will be measured by benchmarking Algo “what if” bids against actual manual bids. The main benchmark is to compare gross margin and the breakdown of gross margin for energy and FCAS. Other metrics such as the difference in volumes are also reported.
Note that as manual bids are replaced by Algo bids, benchmarking will then compare Algo actual gross margin against Algo “perfect hindsight” gross margin where perfect hindsight is calculated by rerunning the Algos using actual price outcomes to formulate optimal volumes from which gross margin is derived.
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Using a Report Page
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Report Types
Benchmarking reports evolve over time as reporting requirements change. Therefore the following list is an example set only.
Performance detailed 5min
This report compares the gross margin of Actual Bids against What If Bids. Other metrics such as the difference in volumes are also reported.
Content
A break down of the gross margin by service for both the Algo ‘what if’ and the manual actual bid (see gross margin description below). What If and Actual Bids
A description of gross margin is below
The difference between these values. What If and the Actual Bid gross margin.
Note that the difference is defined as
What If minus Actual
Specific business case effects on gross margin that can be attributed to items specifically referenced in the original business plan, namelyparticular market conditions. These are:
The service allocation stack (SAS) for lowerFCAS and RaiseFCAS.
Gross margin difference is attributed to lowerFCAS SAS when Algo expected energy target is greater than manual expected energy target. Under certain market conditions the algorithms increase energy generation in order to increase lowerFCAS enablement resulting in overall greater gross margin.
Gross margin difference is attributed to raiseFCAS SAS when Algo expected energy target is less than manual expected energy target. Under certain market conditions the algorithms decrease energy generation in order to increase raiseFCAS enablement resulting in overall greater gross margin.
Avoiding negative regulation gross margin for either lowerReg or raiseReg due to the change in generated energy caused by unit response to regulation AGC component.
Gross margin difference is attributed to Algo Algos avoiding negative gross margin if the optimised regulation volume is zero for Algo, and to avoid double counting for service allocation stackSAS (above), the Algo and manual energy bid must be the same.
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The unit of all values is $. The exception is volume which is MW/5min. Note that energy volume is the average totalcleared of the dispatch interval ending and beginning. |
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Gross Margin Description
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Daily Summary
This report contains the same components of gross margin as Actual What If described above. However this report aggregates (sums) the 5 minute values for the selected day. Note that it does not include the specific effects on gross margin.
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Raise Contingency Liability
This report shows the total liability for the cost recovery mechanism of Raise Contingency Services. The report includes the Generator Liability $ per MWh and the total liability by duid (that being the Generator Liability $ per MWh multiplied by the MWh of generation).
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Definitions
Gross Margin
As a good first order approximation, total gross margin includes the revenue gained from providing a service plus the impact on the energy produced and the fuel used in providing an FCAS service plus any other impacts.
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Gross Margin = Service Revenue + Impact on Energy Revenue + Impact on Fuel Value + Other |
Service | Service Revenue | Change in Impact on Energy Revenue | Impact on Fuel Value | Other |
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Energy | Average Totalcleared * RRP | N/A this value is factored into service revenue | Average Totalcleared * Fuel Costcontingency RaiseFCAS liability Note: fuel cost is assumed to be constant | contingency RaiseFCAS liability refer to AEMO literature for a derivation |
LowerReg | LowerRegEnablement * LowerRegRRP | - Utilisation1 * LowerRegEnabled * energyRRP | + Utilisation * LowerRegEnabled * Fuel Cost | |
RaiseReg | RaiseRegEnablement * RaiseRegRRP | + Utilisation * RaiseRegEnabled * energyRRP | - Utilisation * RaiseRegEnabled * Fuel Cost | |
Sum of Contingency FCAS | Sum of (ContingencyFCASEnablement * ContingencyFCASRRP) | Contingency FCAS utilisation is currently considered zero however this may change (particularly 5min FCAS) |
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