A Novel Research Algorithms and Business Intelligence Tool for Progressive Utility's Portfolio Management in Retail Electricity Markets

Abstract

Progressive electric utilities are gradually digitizing their business in order to be able to efficiently manage their customer portfolio and cope with the increasing competition in the retail market. Thus, advanced S/W tools and platforms are needed, like the Research Algorithms and Business Intelligence Tool (RABIT) proposed in this paper. RABIT provides advanced data analytics services (i.e. advanced search, profilers, recommenders) targeted to the utility's administrative users (e.g. business analysts). In addition, it disposes: i) dynamic and behavioural pricing models linked with various innovative energy programs, and ii) algorithms for the creation and dynamic adaptation of virtual energy communities. RABIT can also automatically analyze exhaustive business/strategy ‘what-if’ scenarios by running parameterized system-level simulations. Performance evaluation results show that a utility company can exploit RABIT in order to: i) reduce costs for purchasing energy from wholesale market, ii) enhance its end users' welfare, iii) increase its business profits, and iv) increase its portfolio's energy efficiency.