Volue, a leader in technologies and services that enable its customers to succeed in the energy transition, has successfully completed the software implementation of its BoFiT Optimisation solution for Kolektor sETup.
Kolektor sETup, which is part of the largest engineering and construction company in Slovenia, Kolektor, and with a presence in more than 14 countries, is at the forefront of deploying innovative and sustainable solutions in the commercial, industrial and utility sector in Southeast Europe.
The BoFiT Optimisation solution will be utilised for the ongoing technical and commercial management of virtual power plants (VPPS), to include a wide range of energy assets ranging from combined heat and power plants (CHP), battery energy storage solutions, flexible load, wind power plants, small hydropower plants, photovoltaic power plants, heat pumps, and other assets that can provide operational flexibility. Since the BoFiT Optimisation solution provides the ability to merge different energy and economic vectors, it will be employed in industrial, commercial and utility-scale applications and cover dynamic planning, validation and optimisation for deploying and operating energy assets.
Volue’s BoFiT Optimisation solution is a specialised, multifaceted tool that provides the ability to map generation and trading portfolios into a mathematical model. This allows the determination of a range of technical and commercial optimisation tasks, which are formulated and calculated for various operational and commercial processes and based on real market conditions. Such a solution provides end-users the ability to quickly and optimally adapt the operating schedules of energy assets based on end-users’ requirements.
The BoFiT Optimisation solution ensures that energy plants, regardless of their size, are most optimally operated within a well-managed portfolio. This capability extends to both renewable and conventional energy assets.
As part of the partnership, Kolektor sETup will also use Volue’s energy trading software offering - Volue Algo Trader Power. Kolektor sETup now joins more than 70 companies across Europe that use Algo Trader Power to individually parameterise algorithms, delivering an extremely reliable platform to automate intraday trading.
Volue Algo Trader Power supports trading on various markets, including EPEX SPOT, NordPool, HupX, and ICS Switzerland, with BSP Southpool to follow soon, and with further markets on our roadmap.
Trond Straume, CEO, Volue, said: “BoFiT allows power plants to respond to variable production demand in relation to fluctuating energy market prices, efficiently, and on a daily basis. We are delighted that Kolektor sETup has recognised the positive impact it brings, and we are pleased to be working together across their Slovenian operations.
“We understand that asset operations should be run at the lowest possible cost, with the highest possible profit, with sustainability at the centre of activity. Our BoFiT Optimisation solution illustrates that we have delivered a product to support the needs of the market.
“The use of Algo Trader Power will see Kolektor sETup join some of Europe’s leading direct marketers who rely on our high-performance, robust and powerful execution algorithms in order to go beyond the limitations of conventional trading, delivering new opportunities for profitability as they do so. Delivery and implementation of complete and holistic software solutions along the whole value chain of safely managing assets and maximising profits on them in short-term markets cuts out many complexities and risks, therefore creating tremendous and tangible value for our customers.”
Borut Jereb, Director of Energy Management & Business Development, Kolektor sETup, said: "We are thrilled that we will be able to spearhead innovation in the SE Europe energy sector as part of our partnership with Volue. BoFiT Optimisation and the Algo Trader Power solution will enable us to enhance the performance and dependability of a range of energy assets and portfolios, whilst concurrently lowering their operational costs and greenhouse gas emissions. Moreover, by having a real-time connection to the energy markets, we will be able to realise all available market opportunities and provide essential balancing services to uphold the stability of the energy systems.”
Gašper Artač, PhD, Director of Energy & Sustainability Services Development, Kolektor sETup, said: "In today's ever-changing energy landscape, effectively planning, deploying, and managing renewable and conventional energy assets across commercial, industrial, and utility sectors is crucial. This ensures the region meets Europe’s decarbonisation goals while maintaining energy security and affordability. Addressing these challenges requires innovative solutions. It's vital to adopt a holistic approach to energy asset management, integrating both planning and operational phases. Partial solutions won't suffice. Dynamic planning strategies, leveraging digital twin technology, merge technical and financial aspects, incorporating relevant parameters like energy demand, generation, and market dynamics. Similarly, operational phases need dynamic management techniques, utilising real-time automated decision-making to optimise energy source utilisation and reduce costs and emissions. Flexibility and safety of interconnected energy assets are paramount for the reliability and longevity of European energy networks.
“Volue's BoFiT Optimisation and Algo Trader Power solution provide the necessary tools to achieve these objectives. With its advanced algorithms and optimisation capabilities, BoFiT streamlines planning and management processes, ensuring efficient deployment of energy assets. Algo Trader Power uses real-time data and automated trading algorithms to enhance operational decision-making, maximising asset utilisation and minimising costs. Together, these solutions empower energy stakeholders to navigate the complexities of the modern energy landscape with confidence and precision."
Aleš Koželjnik, Managing Director, Kolektor sETup, said: “Our partnership with Volue signifies a strategic step towards fostering innovation and sustainability in the energy sector. The integration of the BoFiT Optimisation and Algo Trader Power solutions aligns perfectly with our commitment to deliver efficient and environmentally conscious energy solutions in Southeast Europe. With these cutting-edge technologies, we are confident in our ability to not only optimise our energy assets but also contribute significantly towards the larger goals of decarbonisation and energy security.”