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.

Power Matching Solution

Building on its existing solution that is based on Mixed-Integer Linear Programming (MILP), N-SIDE has provided a solution that meets the expectations and needs of IEX. The algorithm went live on the IEX platform in April and is now running every day to support 70% electricity trade on such markets.

“N-SIDE’s Power Matching Solution is a powerful market clearing algorithm that optimizes supply and demand matching in a closed-gate auction fashion. As a scalable solution, it is perfect to support the fast market growth in India. It allows the easy implementation of complex bid types”, says Olivier Devolder, Energy Director at N-SIDE.

Building competitive electricity market and electricity access

Exchange based spot markets are dynamic and complex matters, but N-SIDE’s algorithm always finds the best solution given the available resolution time. The tool uses input from order books, network data and market rules, and aims to match supply and demand in the most optimal way, with respect for various constraints and regulations. The algorithm generates market prices, accepted volume, and other relevant metrics. A key asset of the technology is its ability to cope with many binary variables, for example in IEX’s day-ahead markets. This is done by integrating cutting-edge technology and robust algorithms relying on a high-quality mathematical solver and boosted with side heuristics.

S N Goel, Chairman & Managing Director, IEX, “IEX has been at the forefront of energy transformation in India. With technology and customer centricity being at the core of our efforts to evolve the Indian energy markets, we have always been one step ahead in adopting and integrating the world class solutions in emerging technologies. Our partnership with N-SIDE has been the result of this constant quest for innovation and technology excellence. Through N-SIDE’s globally acclaimed algorithm solution for power markets, we have been able to offer complex bid types to our market participants. This will indeed support Indian industries and the distribution utilities in further optimizing their power procurement costs and in turn, also improve electricity affordability for their end-customers.”

For the duration of the contract signed with IEX, the N-SIDE team is responsible for implementation & operations, license, and support & maintenance. In the coming years, the algorithm will also be constantly improved by the mathematical experts and software engineers at N-SIDE.

About N-Side

N-SIDE is an innovative software consulting company in advanced analytics designing optimization solutions for Life Sciences and Energy management. From the strategic to the operational level, we leverage the value of data and organizational knowledge to drive efficiency through optimization of processes and resource use. Our bespoke cloud solutions are based on cutting-edge technologies like machine learning and powerful algorithms to solve the most complex challenges and turn them into opportunities. In the pharmaceutical sector, we optimize the supply chain and production of clinical trials. In the energy sector, we support system operators, power exchanges, and market participants in the challenges related to the energy transition.

N-SIDE is ranked # 5 in the Best Workplace ™ of the Great Place to Work® Institute Belgium in companies with less than 500 employees. True to its commitment, N-SIDE intends to distinguish itself among companies where the desire to work for a more sustainable world is the priority.

N-SIDE is certified B Corporation ™, issued by B Lab. We adhere to strict standards in terms of social and environmental performance, transparency, and the balance between profit and objectives.

To find out more, visit our website www.n-side.com