Now that we've reached the midpoint of 2024, we're excited to share some remarkable insights into the performance of our forecast models.

Analyzing Performance

In our recent analysis, we took a deep dive into the performance metrics of our forecasting tools. The results align perfectly with the feedback we consistently receive from new customers who begin using our platform. Many of them express their astonishment at the accuracy of our Scheduling module, which has become a cornerstone of our service offering.

The past six months have seen a significant evolution in our forecasting capabilities. Initially, our tailormade forecast models for power-intensive users—those with loads exceeding 10 MW—showed a forecast error of just below 1,3%. However, as we refined our algorithms and incorporated more data, this error rate improved to 1,1% over the last three months. Most impressively, in the past month alone, we achieved a forecast error of less than 0,8%. This gives us an accuracy performance measure of 98,7-99,2%.  

Why Accurate Load Forecasting Matters

You might wonder why such accuracy is crucial. The implications of precise forecasting extend far beyond our platform and directly impact various stakeholders in the energy sector.

1. Power-Intensive Industries: For industries that rely heavily on electricity, maintaining low imbalance costs is essential. Imbalances occur when there is a discrepancy between the scheduled and actual energy consumption. By utilizing our accurate forecasting models, these industries can significantly reduce their imbalance costs, leading to substantial savings and improved operational efficiency. Furthermore, accurate forecasts are the basis of accurate orders towards Power Purchase Agreements (PPAs) and electricity markets.

2. Grid Operators and Electricity Providers: Accurate schedules and orders from power-intensive users are vital for grid operators and electricity sales companies. They depend on reliable data to manage supply and demand effectively. Our forecasting models provide these operators with the information they need to make informed decisions, ensuring that the grid remains stable and efficient.

Becoming "Great Neighbours on the Grid"

One of the core philosophies of our platform is to empower power-intensive users to become what we like to call “great neighbours on the grid.” This means approaching energy management in a way that is in synch with the net-zero energy system, and instead of adding to the volatility of the whole power system, they are stabilizing the power system and increasing it´s efficiency.  By leveraging our forecasting capabilities and automation, these users can minimize their imbalances with minimal effort. This not only benefits their operations but also contributes to the overall stability of the grid.

When power-intensive users accurately predict their energy needs, it has a dual effect. First of all, it reduces electricity costs, including imbalance costs, and secondly, it allows grid operators to manage resources more effectively. This collaboration fosters a more resilient energy infrastructure, enabling the delivery of additional power through existing systems without the need for costly upgrades or expansions.

Looking Ahead

As we move forward, we remain committed to enhancing our forecasting models and exploring new ways to support our customers. The energy landscape is constantly evolving, and we understand the importance of staying ahead of the curve. Our team is dedicated to continuous improvement, ensuring that our platform remains at the forefront of energy management technology.

In conclusion, the success of our forecast models over the past six months is a significant milestone for us and our customers. We are proud to contribute to a more stable and efficient energy grid, and we look forward to sharing more updates as we continue to innovate and improve.

Thank you for being part of this journey with us!