This ultimately helps renewable plant owners to reduce their exposure to imbalance prices because actual production outturns closer to forecasted levels.
Increasing efficiencies in areas such as this are important to help plant owners ensure they are maximising the value of projects as renewable energy support schemes fall away, not to mention the way in which imbalance pricing seems likely to become more punitive as renewables begin to dominate energy grids across Europe.
Montel AI also helps to lower administrative costs where the software is integrated with third-party reporting platforms. Where Day-Ahead predictions are required for spot exchanges for example, forecasts can be automatically fed-in, saving you both time and money.
Forecasts can be provided up to seven days ahead of time, as often as every hour. Using a Secure File Transfer Protocol (SFTP), automatically renewed forecasts are available when you upload new data, making your predictions ever more useful.
You can even see regular performance reports which help you assess how our predictions perform against the actual figures.
All the model requires is historical production and weather data, so whether your renewable generation is hydro, wind or solar, it's simple to start. Contact us and we'll build you a free trial model for your project - find out how on our renewable forecasts page.
This article by Montel first appeared in the British Hydropower Association's newsletter, Spotlight.