Renewable Labs is proudly presenting the release of the CYRP Model 1st Version, which is a complete simulation of the Cyprus electricity market. The model after years of development have been finalized and ready to be used by electricity market stakeholders to start planning for the future.
What is the CYRP Model?
The CYRP model tool carries out an optimal coordinated thermal scheduling of the modeled electric system generation set of Cyprus, over a period of one year, with an hourly time discretization. The simulation tool implements a day-ahead hourly energy market, characterized by a electricity system price. By explicitly modeling the power generation system considering each single thermal generation unit and several equivalents for reservoir, CYRP model is a reliable tool to simulate competition in future market scenarios. Considering technical constraints for generation units, the software provides robust quantitative outputs on generation dispatching and market prices fixed by the generation unit’s bid. Combining the dispatch assessment and the related remuneration of new power generation projects, make the market simulation result particularly suitable for the evaluation of future investments in generation development.
What is the CYRP model's goal?
The model's goal is to help electricity market stakeholders identify their future needs and advise them in making the right decisions.
Answering the biggest questions of the market
The CYRP model will answer the biggest questions in the electricity market of Cyprus:
- What is the optimal generation mix for my customers ?
- What technology should I invest in the next 5-10 years?
- What are the projected electricity prices (hourly) in the next 10 years ?
- What is my hourly electricity cost of generation (bidding price) and how would it change by introducing new technologies?
- What are the optimal load profiles that my customers should have ?
- What is the optimal utility rate I should have for my customers ?
- What is the ideal PPA price I should lock for my generation?
These are some of the questions we have already answered to our customers and there are many more that the CYRP model can answer.
Reach out and we can help you grow in an expanding electricity market. https://www.renewable-labs.com/contact