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