Summary
Benchmarking performance is key to understanding the efficacy of your decision making and enables you to analyse, and thereby improve, the decision making process.
Performance metrics change and evolve as manual bids transition to Algo bids and as the sophistication of Algo bids improves. Therefore the number and types of reports is likely to change over time.
Hover over Report and click the report you wish to view
Using a Report Page
Open a Report
Select the Settlementdate and DUID(s) if an option)
If more than one DUID is selected then the values for each duid are aggregated (summed) in the report.
The Report will automatically update as the date is changed or the selected duid(s) change.
The Refresh button’s sole function is to update a current day report to include new dispatch intervals as they materialise.
View options
Click on the ‘greater and less than’ symbols to expand and contract components of the report
The unit of all values is $.
The exception is volume which is MW.
Energy volume is the average totalcleared of the dispatch interval ending and beginning.
You may ‘Click, Hold and Move’ on any column heading to rearrange the columns in the table
Click on ‘Columns’ in the top right of the table to list all the columns.
Check or uncheck to hide or make visible.
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 What If and Actual Bids
A description of gross margin is below
The difference between What If and the Actual Bid gross margin.
Note that the difference is defined as What If minus Actual
Specific effects on gross margin that can be attributed to particular 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 Algos avoiding negative gross margin if the optimised regulation volume is zero, and to avoid double counting for SAS (above), the Algo and manual energy bid must be the same.
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.
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).
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.
Gross Margin = Service Revenue + Impact on Energy Revenue + Impact on Fuel Value + Other
Service | Service Revenue | Impact on Energy Revenue | Impact on Fuel Value | Other |
|---|---|---|---|---|
Energy | Average Totalcleared * RRP | N/A this value is factored into service revenue | Average Totalcleared * Fuel Cost 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) |
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