Stem, Inc. (NYSE: STEM) encountered a significant uptick in its stock valuation during the prior trading session, registering a notable surge of 16.58% to reach $2.25 by the close of the session. This increase in STEM’s stock price ensued subsequent to its endorsement by community choice aggregators (CCAs).
Stem Inc. (STEM) recently proclaimed that its Athena PowerBidder Pro application has been chosen by two CCAs – Central Coast Community Energy (3CE) and Silicon Valley Clean Energy (SVCE). Stem was selected to facilitate scalable bid optimization management, aiming to maximize the value derived from multiple battery energy storage systems (BESS) within the California Independent System Operator (CAISO) market.
Under the terms of this software-only agreement, the CCAs will leverage PowerBidder Pro’s sophisticated price forecasting and optimization capabilities to oversee and implement trading strategies for a burgeoning portfolio of utility-scale assets within CAISO.
Having served as a reliable renewable energy collaborator in CAISO since 2015, STEM comprehends the hurdles confronting CCAs in their quest to decarbonize the electricity grid economically while upholding reliability and resilience for their clientele.
The configurability, state-of-the-art analytics, advanced price forecasting, bid optimization, and seamless automation features of PowerBidder Pro present CCAs with the prospect to formulate and automate bespoke trading strategies on a large scale, benefiting the over 14 million Californians they cater to.
Stem is enthusiastic about extending its reach across CAISO and ERCOT, aiming to furnish proven bid optimization software solutions to assist 3CE and SVCE in their joint endeavor to furnish clean, dependable, and more cost-effective energy to their consumers.
PowerBidder Pro is slated to commence its support for the CCAs in 2024. The software will oversee three resource sites crucial for aiding the CCAs in attaining their emissions reduction objectives, although the overall value of these assets hinges greatly on bid strategies, market conditions, and contractual constraints.
Accessible through the Athena platform, Stem’s PowerBidder Pro will play a pivotal role in managing the CCAs’ storage assets either presently operational or soon to be operational within CAISO.
The scalability of PowerBidder Pro is anticipated to empower the CCAs to optimize returns and manage risks adeptly by seamlessly overseeing trading strategies as their BESS portfolio expands and evolves.
