Near Real-time Forecasting for energy providers

How to ban costs on imbalance

 
 

On sunny days, large solar parks and private panel owners are pumping large amounts of energy into the grid simultaneously. Since energy storage is expensive, imbalance can cost millions of euros each year. Energy providers balance the grid by bringing together supply and demand on intraday markets. A difference between forecasted and actual electricity demand creates imbalance.  

Real time = real results

How can we reduce the difference between forecasted and actual electricity demand? Most energy providers depend on weather predictions, historical usage, and scheduled events for forecasting demand. Quby provides Near Real-time Forecasting (NRF) as a service to energy providers, enabling significant cost reduction for imbalance.   

24/7 Near Real-time Forecasting

A big event may cause a shortage, and sunny summer days may cause an overflow. When this is the case, daily energy markets can correct the imbalances. With NRF, energy providers can come as close to reality as possible, combining the forecast with real-time data. Aggregated data on electricity consumption and production is sent to the trading departing within 60 seconds - making it near real-time. Quby's platform is available 24/7, so energy providers can use NRF at all times.

Interested in how Quby can help you reduce costs for energy trading? Or curious to find out more? Talk to us! Partners@quby.com

 
 

Written by Bert-Jan Katsman
Innovation Manager at Quby

LinkedIn: https://www.linkedin.com/in/bert-jan-katsman-385699/