Accurate short term forecasting of the power output from renewable assets is crucial in mitigating the effects of their innate variability. In this example, the deployment of our Power Forecasting reduced the imbalance costs and penalties incurred by a large utility by 15% across the assets on which it was deployed. Higher accuracy leads to a lower Normalized Mean Average Error, and a probabilistic forecast rather than a deterministic one leads to increased confidence and better trade-offs when the power volume is brought to the market.
Combined with the output from Canopy, our Power Forecasting service helps in optimising maintenance planning, thus greatly reducing the loss of revenue from maintenance downtime, either scheduled or unscheduled.
Our forecasts can be delivered in the rhythm that fits your organisation. Whether you prefer to have results emailed, uploaded via s/FTP,AWS S3, Azure Blob, Share point or via our own Canopy dashboard.
Alternatively, our REST-API allows you to program your own applications with full flexibility in query frequencies and which quantile (s) you need.
We offer full probabilistic distribution modelling: ideal for optimal risk management with asymmetric penalties. Confidence intervals and other statistical information can be set up to match your exact needs, allowing you to reap all the benefits from a full probabilistic solution.