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Frequently Asked Questions
Questions & Answers for Energy Domain
What is Energy Data?
Energy data is prices and generation of energy by source and by type of energy. At ALTADATA we focus on electric power data which is given in MWhs or $/MWh. We also provide prices for storable energy in terms of oil & gas data or battery capacity. Technically, energy means the capacity to do work. Power is energy consumed per unit time. As electricity is power produced by electrical means, we use "electricity", "electric power", and "power" interchangeably.
Who uses Energy Data? What are some use cases?
Energy data can be used for many different purposes. An economist may want to measure economic activity using demand for electricity. Sponsors of renewable energy projects may use Energy Data to estimate future profitability of their projects. Traders use high frequency data to do daily trading in the Energy Markets. Financial analysts may use price data for the valuation of power swaps. Public agencies may use generation data to assess the carbon footprint of their jurisdiction. Energy data may be used to find the best location to install battery storage in the power grid.
What are typical Energy Data attributes?
Typical energy data attributes are location, time, quantity, product and contract type. At ALTADATA our current focus is the North American energy markets. While Canada's provinces are largely non-integrated and have independent models for power sector governance, the U.S. system is more complex, and grouped into ISOs/RTOs (Integrated System Operators / Regional Transmission Operators) and other power pools that range from state-contained (ERCOT, CAISO, NYISO) to cross-border (MISO, PJM). Power Pools run various market clearing mechanisms to balance supply and demand and set equilibrium prices. Prices may be set at each generation or demand point (nodes or nodal pricing) and aggregated at larger hubs or Aggregated Pricing Nodes (APNodes). Equilibrium prices are set in the day ahead market (DAM) or real time market (RTM). These prices are also called Locational Marginal Prices LMP. Prices depend on the product and can be set for delivery of power or promise to standby. Many generators are used as reserves to assure reliability and power quality (frequency and voltage). Such contracts are called capacity contracts or ancillary services contracts.
Another important attribute is the source of generation or origin. The primary sources for electric power are solar, wind, other renewables, combined cycle gas, coal, hydro, and nuclear are the primary sources. For oil and gas, prices are set by quality standards WTI (West Texas International) or Brent. Natural Gas is quoted by the place of delivery, most important being Henry Hub.
- Real time (hourly, 15 min., or 5 min.) wholesale electricity price ($/MWh)
- Day Ahead Market (DAM) wholesale electricity price ($/MWh)
- Power Generation by Renewable Type (MW)
- Ancillary Services Prices ($/MW or $/MWh)
- Real Time Load and Load Forecast (MWh)
- Locational Marginal Prices (LMP for Nodes or Zones)
- Spot Natural Gas Price ($/MMBTU)
- Futures Natural Gas Price ($/MMBTU)
How is Energy Data typically collected?
Energy data is collected at meters installed at price points and via SCADA systems at the generating plants and equipment. SCADA is an acronym for supervisory control and data acquisition, a computer system for gathering and analyzing real time data. Prices and quantities set in contingent contracts (Day Ahead Markets or Ancillary services) are collected by the market operator (ISO or RTO).
What are the common challenges when buying Energy Data?
Important questions are
- Is the data relevant to my use case?
- How timely and frequent are updates?
- How far back does the history of the data go?
- How complete is the data set?
- What is the quality process of the data collection?
- What is/are the original data sources?
- What are the choices in data delivery methods?
- What are the pricing options?
- What is the SLA (service level agreement) for support and issue resolution?
