Flexible electricity market and biofuel price forecast tool

Library of Challenges

Short description: Fast-paced energy market and new emerging technologies require flexible and fast forecast of energy prices. Currently, several paid forecast tools exist, but they lack flexibility and focus on the Baltic energy market. The forecasting tool is necessary to support various tasks within Ignitis.

Market potential: Input information used in an optimization framework to provide market forecast; Any other utility or energy company could potentially benefit from the tool; No regulatory issues identified.

Timing: The need for solution is imminent. Growing number of activities require some sort of capacity or price estimation, hence, Ignitis is ready to support the development of the tool.

Desired result: Algorithm and tool to forecast biofuel prices in Baltic markets to improve accuracy of hourly electricity market prices forecasts of existing energy market modelling software; tool validation on historic data to prove forecast capabilities; selection of the most accurate market modelling software.

Information on challenge owner: Large company (> 3,000 staff).

Market presence of challenge owner: Active in several countries.

Keywords: Energy; Energy Distribution; Distributed power and grid connection; Mathematical modelling; Engineering services

type of
Software solution,
Country
Lithuania
Industry Sector
Greentech
For Who
Company
Cookies

Urban Tech may use cookies to store your login data, collect statistics to optimize the website's functionality and to perform marketing actions based on your interests.

They allow you to browse the website and use its applications as well as to access secure areas of the website. Without these cookies, the services you have requested cannot be provided.
These cookies are necessary to allow the main functionality of the website and they are activated automatically when you enter this website. They store user preferences for site usage so that you do not need to reconfigure the site each time you visit it.
These cookies direct advertising according to the interests of each user so as to direct advertising campaigns, taking into account the tastes of users, and they also limit the number of times you see the ad, helping to measure the effectiveness of advertising and the success of the website organisation.

Required Cookies They allow you to browse the website and use its applications as well as to access secure areas of the website. Without these cookies, the services you have requested cannot be provided.

Functional cookies These cookies are necessary to allow the main functionality of the website and they are activated automatically when you enter this website. They store user preferences for site usage so that you do not need to reconfigure the site each time you visit it.

Advertising cookies These cookies direct advertising according to the interests of each user so as to direct advertising campaigns, taking into account the tastes of users, and they also limit the number of times you see the ad, helping to measure the effectiveness of advertising and the success of the website organisation.