Forecasting is a must for companies (according to Encast).
The power grid should always be balanced. That means that the supply and demand of electricity on the grid should remain the same. To ensure this, forecasts are used for both the supply and the demand. The funny thing is, neither the generator of solar/wind electricity nor the biggest buyers are involved in forecasting and do not have any insights in the reports. Everyone operates under the idea that electricity is available at all times. The reality, however, is that the power grid has been flooded and congestion occurs more often. TenneT has to intervene to solve the imbalance, and has to store an increasing amount of power to ensure that this is still possible. This is expensive and is getting more and more expensive every year. Among other factors, this is because of:
New connections are hard to create, as Netbeheer Nederland reveals. Companies, therefore, have no insight into their imbalance and usually no knowledge of their imbalance expenses
Until a year ago, companies often got charged a fixed rate for the storage of their production imbalance. This is no longer sustainable, and these invisible expenses are currently rapidly rising. In electricity contracts (the Power Supply of Power Purchase Agreements) imbalance is often described vaguely, and the risk is entirely for the producer and/or consumer. However, they do not have insight into this data. Encast’s solution is for companies to be more involved in the forecast of their production and consumption to ensure that the imbalance is reduced as much as possible. A smaller imbalance often ensures lower electricity expenses and helps the electricity grid to sustain a better balance.
Forecasting solar, wind and consumption
The forecasting by Encast works per meter (main meter, gross production meter, inverter). Per location we make multiple forecasts both for production and consumption. Encast’s forecasts are created with Artificial Intelligence & Machine learning models. Per forecast we operate multiple models constantly. We make forecasts for both the day ahead and intraday market. Our models are supplied with various weather data feeds and historical production information for your solar or wind parks and/or consumption data to predict the upcoming three days. Our forecast is on a quarterly basis and is updated four times a day based on the latest insights. This ensures that you can control proactively and can see your own imbalance, irrespective of your supplier.
This has the following advantages:
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