Arden Energy I-SEM Day-Ahead and Balancing Market Day-Ahead Forecaster
- Distributed A.I, Smart Energy
Project Summary
Electricity price forecasting (EPF) is a branch of energy forecasting which focuses on predicting the spot and forward prices in wholesale electricity markets. Over the last 15 years electricity price forecasts have become a fundamental input to energy companies’ decision-making mechanisms at the corporate level. Accuracy in forecasting electricity prices reduces the risk of under/overestimating the revenue for the participants and provides better risk management. Additionally, the ability to forecast energy market loads and prices can enable consumers to adjust their consumption or supply while still achieving their economic and environmental goals.
The production, transmission, distribution, and markets of electrical energy require accurate price and load forecasts from suppliers, investors, financial institutions, and others. Electricity operators can develop effective market plans to increase the benefits of energy management through accurate energy price forecasts. Therefore, developing predictive models that can provide accurate prices is a major priority. From a customer or energy end user perspective, the desired solution will greatly encourage the general population to migrate to off-peak energy periods to enable them to benefit from load shifting and energy arbitrage.
The ability to expand the prediction time horizon of the existing Integrated-Single Electricity Market (I-SEM) day-ahead, intra-day and balancing market prices will greatly enhance Arden Energy’s ability to offer a greater level of customer service and energy system control for greater performance, energy savings and customer satisfaction while simultaneously improving the product offering and reducing the dependency on fixed operational cycles. The day-ahead market refers to the electricity prices published at approximately 13:00 prior to a given Trading Day (TD) while the intra-day markets provide updated prices during the TD itself. Finally, the balancing market runs in real-time
Our Role
Development of the AI model
Collaborators
Arden Energy – Unit D, 1st Floor, The Liffey Trust Centre, 117-126 Sheriff Street Upper, Dublin, D01 N6Y6.
Funding Acknowledgements
- Enterprise Ireland IPP
Media
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