The Nordic Energy Market Will Benefit from Nuvve'sAstrea AI Forecasting

A forecast of future Nordic TSO primary reserve prices and capacities enhances ancillary market revenue generation to benefit electric fleet customers.

FREMONT, CA: "Europe and the Nordics remain at the forefront of the energy transition, and Nuvve continues to advance its capabilities even further in these markets. Astrea AI makes energy markets easier and more accurate to predict, enabling us to further optimize revenue from our market participation. We are excited for this first deployment in production," said Nuvve CEO Gregory Poilasne.

In order to maximize revenue from ancillary services provided by its V2G fleet clients to Nordic transmission system operators, Nuvve Holding Corporation, a global leader in vehicle-to-grid technology and deployments, unveiled its Astrea AI artificial intelligence platform.

Astrea AI regularly anticipates pricing and capacity for primary Nordic reserves to maximize energy market bids. This technology is a result of Nuvve's more than six years of experience in the field offering regulating services. Transmission grids in the EU require frequency regulation services to maintain a frequency of 50 hertz. The calculation of bids depends on a wide range of variables and is based on forecasts for one or two days in advance. Due to changes in the production and consumption of energy, bid prices and the amount of auctioned grid service have been rising in recent years.

Astrea AI forecasts, which have a 97% accuracy rate, allow Nuvve and its fleet customers to optimize profits by placing the proper bid for the best frequency regulation market and matching it to the fleet's available capacity. With Nuvve'sGIVeTM platform for V2G and charge management integrated, Astrea AI technology will automate future bidding and frequency regulation market selection. Early in 2022, Nuvve established Astrea AI in order to develop its GIVeTM technology even further by offering enhanced forecasts, a global tariff database, predictive maintenance, and energy analytics and reporting, among other advantages.

There are three markets for primary reserves that dispatchable electricity sources, such as power plants and batteries, can engage in. These include FCR-N, which controls minor and frequent frequency deviations, and FCR-D, which controls more severe and infrequent deviations and has two markets for controlling frequency up and down, respectively. Astrea AI projects all three's prices and capabilities.

For a Danish transmission system operator, Nuvve has been providing frequency regulation for three years. It dispatches electricity and regulates the rate of charge for the electric fleets it oversees second by second. Customers of electric fleets can also access comparable services in Norway, Sweden, and Finland, with potential future expansion into the rest of the EU.

Other regions that offer ancillary services to Distributed Energy Resources (DERs), which may or may not include the United States, could use a similar model and strategy. In the United States, Independent System Operators (ISO) and Regional Transmission Organizations (RTO) must create plans to grant DERs access to wholesale energy markets. The implementation of FERC Order 2222, which was authorized in September 2020, is anticipated to take place between 2024 and 2026.

"By applying artificial intelligence to the task of price and capacity modeling and forecasting, we've improved accuracy and saved time. Our Astrea AI solution works 24/7, 365 days a year to ensure that we maximize the revenue potential from electric vehicles," says Massimiliano Garella, Nuvve's Product Manager for Grid Services.