This article will detail how to set up curtailment automation to run at separate strike prices.
To begin, navigate to the My Company page and ensure that your Power Pricing is set to 'Variable'. In the Power Cost Currency field, make sure to set your local fiat currency.
It's important that the Power Cost Currency gets set to the currency that matches the currency of the zone. As an example, if you're using ERCOT lz_west, your Power Cost Currency must be USD. If you're using NordPool SE1, your Power Cost Currency must be Euros.
Within the ISO Zone, select the appropriate price feed for your facility. Lastly, if you have any additional fixed power costs, such as a transmission charge, that you would like to include in the power cost, you can add a Power Cost Adder. Once all this information looks good, click 'Save' at the bottom of this page and head over to the Power Controls on the side menu and click the Automation tab.
Setting Up Multiple Strike Prices
By creating distinct curtailment strategies for both a Low Strike Price and a High Strike Price, you can automatically adjust your operations in the event of extreme pricing fluctuations. This allows for quick curtailment during a blow-out pricing event, while keeping your profitability strike price curtailment strategy unchanged.
In the example provided, the Low Strike Price is configured at $80 per MWh. It is programmed to curtail operations after experiencing 2 consecutive windows with prices above this threshold, as long as the pricing is below $150 / MWh.
A window is 5 minutes; however, the formula for calculating how many minutes to wait is: (5 * windows) - 4.
Once the cost drops below the $80 per MWh limit for 4 consecutive windows, mining activities will resume.
By setting the High Strike Price at $150 per MWh, any window with a price above this threshold will trigger an immediate curtailment because the High Curtail After is set to 1. This proactive approach ensures that the facility is safeguarded in the event of a sudden and significant pricing spike, allowing for timely curtailment.
You do not need to set a High Strike Price. Only a Low Strike Price is required if you want to turn the facility off immediately once LMP pricing exceeds it.
Using Auto-Strike Price
If you prefer not to manually set your Strike Price(s), Foreman has the capability to automatically calculate your profitability threshold in real-time, taking into account your fleet efficiency and profitability.
To take advantage of this feature, simply toggle the Auto-Strike Price slider to the ON position. Once Auto-Strike is activated, you will notice that the boxes for the High and Low Strike Prices are grayed out. Instead, you can enter a fiat value in the Tolerance field to determine the cost above your calculated Strike Price that will trigger the High Strike Price curtailment behavior. In this scenario, the Auto-Strike price will align with the Low Strike Price Curtail After and Resume After settings, while surpassing the Auto-Strike price plus the Tolerance will activate the High Strike Price curtailment response.
Need some help configuring your curtailment strategy? Drop us a line at firstname.lastname@example.org and we'd be happy to assist you.