Case: Energy generation and consumption forecasting
Accurate energy forecasts are critical for a district heating company to ensure both smooth and profitable operations.
Inaccurate forecasts due to the complexity of energy supply and demand
District heating companies are in a critical role in ensuring heating for the residents and businesses of a region. One of the key challenges in their operations are accurately forecasting the heating supply to meet the demand.
The key challenge for a heating company comes from the complexities of the following aspects:
- Energy supply and demand forecasts can be very complex as they require merging historical data from different sources
- The heating company must have accurate heat demand forecast available to have efficient utilisation of different heat generating assets.
- Accurate heat load forecast and solid operation plan of the assets are crucial for accurate gas demand and power production forecasts.
- The company may have several plants and methods for generating heat. An accurate heat forecast will help the company select the right heat generation methods and refine its gas demand forecast
- In addition, if the company produces electricity that is tied to heat production, then with an accurate forecast, they will get a better electricity production forecast
Remove the guesswork with accurate and tailored forecasts
Our Beyond Spot service solves the pain points of energy forecasting by providing accurate real-time forecasts for energy operators such as district heating suppliers. The holistic service consists of various aspects:
- We tailor the forecast models to the company's needs by securely merging data from different sources.
- We help identify and integrate the data points that impact the supply and the demand, such as historical weather or heating generation data. Thanks to the platform's flexibility, we can agilely add new data sources.
- Beyond Spot utilises adaptive and self-learning algorithms. Beyond Spot is a service model which aims for continuous improvement.
More visibility into the future, fewer financial risks
With improved heat demand forecasting, the company can reduce risks concerning natural gas supply costs and enhance electricity bidding forecast to the electricity market. As a result, the company has fewer financial risks.
Beyond Spot in brief
Beyond Spot is an innovative energy management service for industrial businesses. It helps you uncover energy savings and revenue potential by digitalising, automating and optimising your energy management system. Beyond Spot offers you significant benefits to save money and streamline your business. Watch the brief video about Beyond Spot.