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– UL Solutions’ HOMER® Front software adds frequency regulation modeling for utility-scale battery storage
Energy professionals can now perform detailed and holistic modeling of most major electricity markets in ‘ahead of the meter’ systems around the world.
BOULDER, Colo., April 1, 2024 /PRNewswire/ — UL Solutions, a global leader in applied safety sciences, announced the release of new version 1.0 of HOMER® Front software, adding expanded performance and financial forecasting capabilities to the subscription-based online application to design, optimize and maximize revenue and ROI on complex utility-scale solar, wind and hybrid energy storage systems.
With the new capabilities of HOMER Front software version 1.0, battery energy storage systems (BESS) stakeholders can model most electricity markets around the world, including frequency regulation, capacity markets, real-time energy markets and contractual power purchase agreements with a specific delivery time.
Power plant owners and operators are increasingly relying on frequency regulation to balance electricity supply and demand, stabilize voltage frequency, and prevent power outages, especially as more renewable energy generation is deployed. BESS stores and distributes these variable energy resources to provide frequency regulation. This ancillary service represents an important additional revenue stream for energy storage projects, whether as stand-alone systems or hybrids that include solar and wind power. Recent valuations estimated the ancillary services market at 7.6276 million dollars (USD) in 2020, with a projection of 13.044 million dollars (USD) by 2028, a compound annual growth of almost 8%.1
“Developers told us they needed a way to do quick, easy, but detailed modeling of frequency regulation as a source of revenue, and spreadsheets are not suitable. By quickly performing complex operations, HOMER Front software provides better “tool to help develop reliable financial and performance forecasts. We are delighted to introduce version 1.0 to help system developers save time, maximize project value and have confidence in the results, especially when seeking project funding.” , said Chakradhar Byreddy, director of the Renewable Energy group at UL Solutions.
The software bases the value of frequency regulation on a user-selected band of future energy prices – a financial instrument that fixes energy prices for specific time periods and is available through trusted online databases. . The user enters the maximum energy capacity that can be reserved for frequency regulation and the minimum price required to participate. HOMER Front software then simulates bidding behavior in real time, committing energy capacity across multiple markets and maximizing revenue within user-defined constraints.
“The user decides at what price it is worth participating in frequency regulation services and can run a sensitivity analysis to find the right price to maximize revenue potential. These are powerful tools that help our users customize strategies and see the techno-economic implications in real time,” Byreddy said.
As a web-based application, HOMER Front software eliminates downloading and installation and can be used on most operating systems. The simple and intuitive user interface allows for robust modeling for multiple revenue streams, system size, battery distribution, and ramp-up strategies. Sensitivity analysis helps users evaluate technical and financial performance as key parameters fluctuate, such as solar irradiance, wind speed or energy market prices. Version 1.0 includes support for all major currencies. The new integrated and customizable battery library gives users more control over which battery they model and provides detailed input necessary to replicate commercially available batteries.
Originally developed at the National Renewable Energy Laboratory, HOMER software has performed project calculations worldwide. Learn more about HOMER Front modeling software.
About UL Solutions
A global leader in applied safety sciences, UL Solutions transforms safety, security and sustainability challenges into opportunities for customers in more than 100 countries. UL Solutions provides testing, inspection and certification services, along with software products and consulting offerings, that support our customers’ product innovation and business growth. UL certification marks serve as a recognized symbol of confidence in our customers’ products and reflect an unwavering commitment to advancing our safety mission. We help our clients innovate, launch new products and services, navigate global markets and complex supply chains, and grow sustainably and responsibly into the future. Our science is your advantage.
1Verified market research report, “Electricity Ancillary Services Market Size and Forecast”, March 2022.
PRESS CONTACT:Steven BrewsterUL SolutionsULNews@UL.comT: 1 (847) 664.8425
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