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What public data reveals about a 245 MW cogen operator in Spain
TL;DR
We built a system that profiles any participant of the Iberian electricity market — competitors, peers, customers, targets — using only public regulatory data. The first company we ran it on (Cogen Energía, 20 plants, 245 MW) is already capturing ≈10,5 M€/year above what a passive market seller would earn — and we identified another 1,2-3,0 M€/year of value still on the table. Full report below.
Imagine knowing, before any board meeting, exactly how every player in your market is performing — what they bid, when they sell, what price they capture, where they're leaving money on the table. From data anyone can download.
That's what we've spent the last weeks building. Pick any participant of the Iberian electricity market and get back a 10-page editorial report with the numbers that matter: how much they sold, at what average price compared to the market, where they rank against peers, and where they have room to capture more value.
We tested it on five companies — retailers, mixed independents, industrial-aggregator references, and one thermal cogen operator with 20 plants. The cogen case is the one we're sharing publicly today.
Why cogen? Because the headline result is counter-intuitive. Cogen plants run when their heat customer needs steam, not when electricity prices are high. That should be a commercial disadvantage. The numbers tell a different story.
The Cogen Energía story in plain numbers
TL;DR
Cogen Energía operates 20 cogeneration plants across Spain — 245 MW of installed capacity. Here's what 2025 looked like, from public regulatory data alone:
- They dispatched 1,42 TWh of electricity into the market.
- They captured an average price of 72,4 €/MWh — that's +7,4 €/MWh above the simple market baseline (what a passive seller would have earned).
- That spread, multiplied by their volume, equals ≈10,5 M€/year of revenue captured above the basic market outcome.
- They rank #2 in their peer group of cogen operators in the Iberian market.
- Even during hours of negative electricity prices, 138 MW kept running — because the heat customer still needed steam. That's the floor of the business.
In plain terms: a heat-bound, steam-driven thermal operation is outperforming the average electricity-only seller by an order of millions of euros per year. The "constraint" of having a heat customer turns out to be a competitive structure.
Where the next 1,2-3,0 M€/year are sitting
TL;DR
On top of the ≈10,5 M€/year already captured, the report identifies five concrete levers — each sized in euros per year, with methodology and caveats:
- Smarter bidding using heat-customer signals. Use the steam customer's real-time demand to bid more accurately into the daily market. Estimated upside: 0,7-1,5 M€/year.
- Selling balancing capacity at scale. Extend secondary-reserve participation to the larger plants in the fleet. 0,3-0,8 M€/year.
- Daily fuel-choice optimisation. Where plants can switch between natural gas and biomass, decide each day based on price spreads. 0,1-0,3 M€/year.
- Rescheduling maintenance. Move planned outages from expensive months to cheap ones. 0,15-0,3 M€/year.
- Defending capacity-mechanism payments. Audit the conditions to make sure no payment is left uncollected. 0,05-0,12 M€/year.
Total residual upside (adjusted for overlaps between levers): 1,2-3,0 M€/year, on top of what they're already doing well.
Read the full report
TL;DR
10 pages of editorial analysis: every claim traceable to a public dataset, three interactive charts (monthly volume by plant, price-position relationship, peer ranking), full methodology, caveats, and the five quantified opportunities above. Open it in a browser — no download, no login. → Open the Cogen Energía report
Want this for your company?
TL;DR
The Cogen report is the visible tip. The same approach — turning your data, plus public market data, into decisions — is how we ship custom AI and analytics for energy operators and data-intensive companies:
- Recurring market intelligence on your fleet, your competitors, or a peer group you choose.
- AI assistants connected to your own data (regulatory feeds, SCADA, ERP, billing) — so your team asks questions in plain language and gets answers grounded in your numbers.
- Decision-support tools for bidding, dispatch, fuel choice, maintenance scheduling, and capacity mechanisms.
- Branded executive dashboards and reports — same editorial quality, your visual identity.
If you read this and thought "we need exactly this for our company", that's the conversation we want to have.