Energy encyclopedia

Asset management third-party refers to outsourcing of asset management services to a third-party provider. This provider is responsible for managing and optimizing customers' energy assets, such as power plants, renewable energy systems and storage systems, to help them maximize energy production, reducing costs and improving overall energy efficiency.

Asset management third-party services typically cover a variety of tasks, including performance monitoring, predictive maintenance, and performance optimization of assets to maximize their economic value. By outsourcing these tasks, energy and utility companies can focus on their core business while benefiting from the expertise and specialized tools provided by third-party provider.

The use of third-party asset management services is becoming increasingly common in the energy industry, especially as more companies look to optimize their energy assets and reduce costs. By partnering with trusted third-party provider, energy companies can leverage the latest technology and analytics tools to make data-driven decisions and improve the performance of their energy production. 

Commodities refer to natural resources that can be bought and sold in bulk, including crude oil, natural gas, coal and electricity.

Their prices can vary depending on multiple factors: supply and demand, geopolitical occurrences and weather conditions.
Commodities play an important role in the cost of generating power in the energy sector. Monitoring commodity prices is therefore a crucial part of energy management. The mission of energy companies is to reduce financial risk and ensure reliable energy supply by monitoring market trends and hedging against potential price spikes.

Commodities are critical resources for the energy sector, and effective management of these resources is necessary to maintain a steady and sustainable energy supply.

In order to optimize the overall energy system, Demand Side Management (DSM) is a method used to manage and control client-side electricity consumption.

DSM strategies involve electricity usage patterns based on price signals or grid conditions. For example, clients may reduce their electricity consumption during specific hours or shift usage to off-peak times in response to high energy prices or grid instability. This can result in significant cost savings and help to stabilize the grid by reducing the need for expensive peak-demand power sources.

DSM is predicted to become more crucial in managing energy demand and lowering emissions as the world moves toward a more sustainable energy future. Demand Side Management can help to maximize the efficiency of the energy system, reduce energy waste, and promote a more sustainable and resilient grid.

Energy certificates are tradable certificates that guarantee that a certain amount of energy has been produced from renewable sources. They are issued when renewable energy producers inject their electricity into the grid. These can then be sold to energy suppliers or other entities that need to achieve renewable energy targets. These certificates are generally used to promote the use of clean energy sources and support the development of renewable energy projects.

Energy certificates help to create a market for renewable energies by providing a financial incentive for the production of green energy. As a result, the certificates contribute to the transition to a more sustainable energy system. They can also assist companies in meeting regulatory requirements related to renewable energy and demonstrate their commitment to reducing their carbon footprint.

The term "energy imbalance" refers to the difference in the quantity of energy planned for delivery and the actual quantity of energy delivered within a designated timeframe. Numerous factors, such as sudden changes in energy demand, fluctuations in energy supply, and unexpected changes in weather conditions, can contribute to this imbalance.

Energy imbalance can cause a range of issues, such as power outages, brownouts, and reduced grid stability. Energy management systems use advanced algorithms and technologies to monitor energy demand and supply in real-time and adjust energy production and distribution to suit changing conditions in order to reduce these problems. By managing energy imbalances, energy management systems can improve grid stability, reduce the risk of power outages, and ensure reliable and efficient delivery of energy to consumers.

The European Energy Exchange (EEX) is a top energy exchange that operates across several European countries and provides a trading platform for energy and related products. Founded in Leipzig, Germany, in 2002, EEX now includes operations in Austria, France, Italy, the Netherlands, Poland, and Switzerland.

EEX facilitate trade in a wide range of energy products, including electricity, natural gas, coal and carbon credits. Additionally, the exchange offers clearing and derivatives services, giving market participants a variety of tools to manage their energy risk exposure. EEX's markets are regulated by various European supervisory authorities, and the exchange is committed to ensuring transparency and fair trading practices.

Exchanges play an important role in the energy sector, providing an efficient and transparent platform for market participants to buy and sell energy products, manage their risks and ultimately contribute to a more sustainable energy future.

Flexibility services refer to a range of technologies, practices, and services that help manage and balance energy supply and demand on the electricity grid. They enable the grid to adapt to changes in demand and supply in real-time, by balancing and matching the power generated with the power consumed.

Flexibility services are essential in contemporary power systems, primarily as the global dependence on renewable energy sources grows, as these energy sources can be unpredictable and intermittent. These services help to optimize the use of available energy resources, reduce grid instability, and lower carbon emissions. Examples of flexibility services include:

- Demand response.
- Energy storage.
- Electric vehicle charging management.

With the ongoing shift towards a sustainable and decentralized energy system, the significance of flexibility services is on the rise. These services are becoming progressively more critical in guaranteeing a robust and secure energy supply.