Performance Page
The purpose of this page is to measure performance by benchmarking vAdvisor “what if” gross margin against actual manual gross margin.
Note that as manual bids are replaced by vAdvisor bids, benchmarking will then compare vAdvisor actual gross margin with vAdvisor “perfect hindsight” gross margin where perfect hindsight uses actual price outcomes to derive gross margin.
Using the Benchmarking page
The report will generate automatically when you select;
an “algo” (there may be more than one),
a date
and the duid(s).
The report contains:
A break down of the gross margin by service for both the algorithm and the manual bid performance (see gross margin description below).
The difference between vAdvisor and manual gross margin values.
The Specific business case effects on gross margin that can be attributed to items specifically referenced in the business plan, namely:
The service allocation stack (SAS) for lowerFCAS and RaiseFCAS.
Gross margin difference is attributed to lowerFCAS SAS when vAdvisor expected energy target is greater than manual expected energy target.
Gross margin difference is attributed to raiseFCAS SAS when vAdvisor expected energy target is less than manual expected energy target.
Avoiding negative regulation gross margin for either lowerReg or raiseReg due to the change in energy generation.
Gross margin difference is attributed to vAdvisor avoiding negative gross margin if the regulation volume is zero for vAdvisor, and to avoid double counting for service allocation stack, the vadvisor and manual energy bid must be the same.
Gross Margin Description
As a 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.
Gross Margin | Service Revenue | Change in Energy Revenue | Fuel Value | Other |
|---|---|---|---|---|
Energy | Average Totalcleared * RRP | N/A this value is factored into service revenue | Average Totalcleared * Fuel Cost | contingency RaiseFCAS liability |
Note: fuel cost is assumed to be constant | 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) |
1 Utilisation is the effective volume of FCAS enablement that is actually utilised in providing the service. For regulation FCAS this is caused by the unit responding to AGC regulation component signals that are sent by AEMO.
For a detailed derivation of gross margin refer to pdView’s FCASpays knowledge base linked here