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FUERGY - The Slovak Startup That's Changing the Electricity Market

Published at 02. 09. 2019 | Written by Eva Almasiova

The electricity bill is a big mystery for many of us. Usually we just pay it without blinking an eye. Are we even able to affect the final calculation? Of course, we can use less energy - switching off the lights, unplugging the appliances or regulate heating in our homes. Although we should always protect the environment, in a modern household some measures can feel very restrictive...

The electricity bill is a big mystery for many of us. Usually we just pay it without blinking an eye. Are we even able to affect the final calculation? Of course, we can use less energy - switching off the lights, unplugging the appliances or regulate heating in our homes. Although we should always protect the environment, in a modern household some measures can feel very restrictive.

Luckily, today you can save energy and money without limiting yourself in any way. But how does the electricity pricing actually work? The journey of electricity from its production to the final consumer is long and many parties are involved. This process might differ slightly from country to country, but the basic principles of the electricity market apply almost everywhere.

Let's use the household energy in Slovakia as an example. There is a Regulatory Office for Network Industries that sets the price level of electric energy, its transmission and distribution. It determines how much power plants sell their produced energy for and how much the distribution companies charge for “transporting” electric energy. At this stage, the price is fixed for everyone.

The key to success is accurate planning

The Regulatory Office for Network Industries is not the only one that sets the price of energy. Electricity suppliers do so as well. They are the ones who send you the bill. At this stage, the battle for client acquisition and retention begins. How is it even possible that two different suppliers are offering energy at different price levels, even if they buy it from the same sources?

It's all about the planning. The supplier collects historical consumption data for each of its consumers and prepares a consumption plan. According to the plan, the supplier orders the amount of energy needed from the power plants, then the transmission system together with the distribution companies deliver it to the consumers.

At all times, there must be as much energy as needed to meet the demands of the network. More energy in the network would increase the frequency in the power system, which might damage the electrical equipment and appliances. On the other hand, a lack of energy means that the demand is not able to be met. In both cases, a blackout would follow soon after.

Energy production orders are sent by the supplier to the power plants one day ahead. The more accurate customer data the supplier keeps, the better it can plan the energy production. FUERGY has developed artificial intelligence software – called “brAIn” – which not only provides the supplier data needed for accurate planning and managing power generation, but also effectively manages the power consumption of the consumer.

Data you want to share

brAIn records and processes a wide range of historical and real-time data and creates forecasts of supply points, such as your household. It is constantly learning about your energy consumption and behavior. It knows you go to work at eight and the kids leave for school with you. It understands you are at home during weekends and that on Wednesday evenings the family comes home late due to sports activities and other hobbies.

This data is not only important for the energy supplier. Based on it, brAIn is able to independently manage your energy-intensive equipment (air conditioning, boiler, etc.) and also effectively use the battery, an essential part of the FUERGY Solution, to meet your current energy needs. Thanks to this battery, your investment can be paid back much faster.

Furthermore, the FUERGY Solution quickly transforms into an income source, making your energy bill lower than ever, and can even result in a monthly overpayment.

What other advantages does the FUERGY Solution offer? You can use the battery as a backup in case of a blackout so you won't be stuck in the dark ever again. The only time you will need to light candles from now on is during a romantic dinner with your loved one.

In case you already own a power source such as a solar panel, with FUERGY you can store the generated energy and use it when the panel is out of action. How about letting brAIn share the produced energy with your neighbours, city or even send it to your relatives? There is a wider range of possibilities than you could imagine.

We are the first company in Slovakia to provide such a solution in the field of energy optimization. Through our products FUERGY Business, FUERGY Home and FUERGY Lite, which combine artificial intelligence and blockchain technology, we help you to optimize energy consumption and improve the performance of renewable sources.

Our goal is to make energy production and distribution more efficient and guarantee flexible, stable, green and, most importantly, cheaper energy for everyone. As mentioned at the beginning of this article, the electricity market has some similarities in every country. That's why FUERGY Solution is designed to make the production and distribution of energy more efficient, not only in Slovakia, but also worldwide.

In our next article, you will learn more about how solar panels and the battery work together to improve the performance of your renewable energy sources. Make sure you visit our blog and simply follow us on our social media.

We are living in the future of energy. Are you?

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