Cost-effective and uniform trading in the Elbas balancing power market

Power-Deriva and Wapice cooperate to create an application on the IoT-TICKET platform for automating Elbas trading. Together, they built a trading robot that is used in the electricity market to balance the fluctuation of actual consumption.

In 2016, the Nord Pool Electricity Exchange announced that it would add Application Programming Interface (API) services to its Elbas Trading System. This decision enabled Power-Deriva to automate Elbas trading which had until that time been done manually by an external service provider. Wapice IoT-TICKET was chosen as the platform for creating an application that would communicate with Nord Pool’s Trading System.

Using the design tools’ ready-made components, Power-Deriva was able to make desired modifications as well as tune-up and optimise the operation and logic of the trading algorithm. “The advantage of the platform is that we have been able to build on our expertise and create solutions on the platform, thus avoiding time-consuming work on specifications. Working with modifications has also been very simple,” says Susanna Valkonen.

As a result of the new approach, Power-Deriva’s trading improved significantly in terms of both cost savings and quality. The consistently better response capacity and quality compared with the previous manual system result in permanent financial savings. “Our goal in the development of the Elbas trading algorithm was to achieve cost savings and thus manage better in the competitive market. This goal was well achieved,” comments Mika Laakkonen.

“This is a great example of what IoT-TICKET can be used for,” says Jyrki Keskinen, Director of Energy Business at Wapice. “Since IoT-TICKET does not restrict the type of data passing through, different solutions can be built on the platform using the components of the design tool. IoT-TICKET combines data and provides customers with a fast and intuitive way to digitise their service,” adds Keskinen.