KING OF PRUSSIA, PA — September 1, 2012 — Innotap, the leading provider of realtime decision support tools for energy traders, today announced the release of its new InstaTrend ERCOT service. InstaTrend ERCOT provides insight into instantaneous price trends in the ERCOT market and is included as part of an ever expanding portfolio of Innotap software services.
On June 28, 2012, ERCOT implemented the first phase of its Security-Constrained Economic Dispatch (SCED) Look-Ahead project, defined in Nodal Protocol Revision Request (NPRR) 351. The initial phase 1 implementation calculates non-binding LMPs for eleven 5-minute intervals (referred to as RTD Indicative LMPs).
Innotap seized the opportunity to leverage this new realtime data and within a month developed InstaTrend ERCOT. Innotap completed a successful beta test in August with its existing customers.
“The outcome of this project was interesting. Most traders were trying to get their heads around this data for the first few weeks. They found the projections closest to the current SCED run were more accurate than those further into the future. Regardless, everyone wanted to use the new service, ” said Joe Mac Crory, Vice President of Innotap. “This is because the market was trading off of the data.”
“While these RTD Indicative LMPs are non-binding now, it’s expected that these could become binding in a future phase of the SCED Look-Ahead project,” said Ron Swartz, CEO of Innotap. “When that happens, this data will be invaluable for realtime decision making.”
With the release of this new service, Innotap now has a complete set of InstaTrend tools for ERCOT, PJM, and MISO.
Innotap invites energy traders to request a demo so they can experience firsthand the power of its software services. Please visit www.innotap.com/new.
Contact: Anne Marie Magness, 610.783.0312, [email protected]
© 2012 Innovation Tap LLC. All rights reserved. Innotap, InstaTrend, RealDeal, and DecisionDock are registered trademarks of Innovation Tap LLC. All other trademarks are the property of their respective owners.