Energy Demand and Price Forecasting
NOSTRADAMUS is a demand and price forecasting system used by electric and gas utilities, system operators and power pools, electric cooperatives, energy marketers, and gas pipeline companies.
- How can I make sure my demand and price forecasts are accurate?
- What tools are available that can provide short- , mid- and long-term demand forecasts?
- What is the best approach for providing flexibility in usage and interface with other systems?
Using the latest advancements in neural network technology, NOSTRADAMUS learns the relationships among any number of data inputs to automatically produce and disseminate accurate demand and price forecasts. This process can be executed automatically on a schedule defined by the user.
NOSTRADAMUS can be deployed as a standalone application or as part of an integrated planning or operations suite and delivers the following key benefits.
- Reduced expensive labor-intensive processes
- Decreased and/or limited imbalance and penalty costs
- Minimized demand capacity charges
- Reduced use of costly peaking resources
NOSTRADAMUS can help you see the future before your competition does. Some of the ways in which it does so include:
- Neural Network Technology - Determine non-linear relationships between dependent and independent variables, more accurately capturing forecast peaks and valleys.
- Dynamic Weighting and Adaptive-Biased Adjustment - Improve forecast accuracy by making small adjustments to the neural network models based on recent trends.
- Sensitivity Analysis - Utilize the sensitivity of the neural network to track changes in input data for a better understanding of relevant inputs, leading to an increase in forecast accuracy.
- Comprehensive Statistics - Evaluate historical data for load or price areas through a greater understanding of inputs and identification of data anomalies.
- Automated Scheduling - The AutoNOST feature provides the user with event-driven or time-based automation.
- Flexible Data Integration - Using Microsoft Excel or Access macros, users can integrate NOSTRADAMUS with most other data storage systems.
- Customizable Reports - Analyze specific data areas with outputs sent to Microsoft Excel, Access, and/or HTML.
