PROPHET is an advanced software application that uses a Monte-Carlo process to simulate the physical and financial operation of competitive electricity markets.
PROPHET has been developed to support a broad range of electricity markets characterised by a common clearing price, and has been designed to be fully intuitive, easy to get started and use. Being totally data driven, PROPHET is totally flexible in representing different power systems within the range of electricity market designs supported.
It is the most widely used model in the Australian NEM with clients including generator and retailer companies in each of the five participating States, AEMO, government and private consulting firms. It has also been used to study existing and developing electricity markets outside of Australia including Singapore, Ireland, New Zealand and Vietnam.
Applications where PROPHET has been extensively used include assessing the impact of nodal pricing on market efficiency, competition impacts of changed ownership structure, projections of market prices, economics of new generators and transmission lines, assessing power system reliability and transmission planning.
PROPHET has been in commercial use since 1997 during which time it has undergone extensive development. It is also supported by comprehensive user manuals and online help. Extra features such as heat rates and emissions, contingency reserve and regulation markets, centralized unit commitment, fuller reporting and the ability to stop a simulation and interrogate has been implemented into our latest version of PROPHET.