With effect from 14th April 2021, the Indian Energy Exchange has started using the N-SIDE Power Matching Solution that is based on Mixed-Integer Linear Programming (MILP) to determine the daily price and traded volume of electricity in the Day Ahead Market.
IEX expects to benefit from the Power Matching Solution as it enables the power exchange to offer complex bid types to meet the changing needs of the Indian Energy market. After deploying and continuously improving a solution for the European market for more than 10 years, N-SIDE’s Power Matching Solution is now being used to benefit the Indian Energy market.
India’s energy market is rapidly growing and becoming increasingly complex. Therefore, a modern, powerful algorithm at global best level to offer complex bid types to support the changing needs of India’s energy market was felt necessary.
IEX has selected N-SIDE, a Belgian software consulting company in advanced analytics that designs optimization solutions for energy markets and power systems to develop the Power Matching Solution for price discovery in Day Ahead Market. The company combines advanced analytics, software development and business expertise to create innovative technologies and algorithms that have a positive impact on businesses and people around the world.
N-SIDE develops Artificial Intelligence software as a service, but also provides tailor-made solutions to meet specific business needs of customers. With offices in Belgium and the United States, N-SIDE empowers leading energy players with solutions that are cost-efficient and reliable. The company was also chosen for its experience with a complex energy market such as Europe.
In Europe, N-SIDE has developed the Euphemia algorithm that is now used in 26 countries and is a crucial aspect of the EU target to reach a harmonized electricity market. It calculates day-ahead electricity prices across Europe and allocates cross border transmission capacity on a daily basis.
