The reason for the success of the load prediction model rests, in truth, on both sides of the agreement. Whilst Montel AI have provided the technical solution, by being able to specify and use the historical demand data used in the model, Ustekveikja can ensure they are receiving predictions they trust.
Looking at the predictions over time, Montel’s data shows that predictions have been running at around 96% accuracy.
And it’s not just the money being saved that stands out to Torbjørn, but the practicalities of using the product too. “We send the data the model needs via Montel AI’s Secure File Transfer Protocol and then receive the forecasts back the same way. With the whole thing being automated, it saves so much time compared to creating these forecasts manually. It gives me time to put my focus elsewhere because I am confident in taking a position based on the prediction.”
And what about when something looks wrong? “It is so easy to recalibrate the model. Where a forecast comes back with an unexpected result, it can often be the result of an anomaly in the data. So, we simply identify that item, change it to what we would normally see and run the model again.”
The solution is scalable too, with predictions sent for each of Norway’s five Distribution System Operator zones twice a day.
And all of that sums up why Torbjørn is happy to recommend Montel AI to anyone prepared to listen.
“The best thing about it? I guess it would have to be the way the forecasts improve incrementally over time, but where an automated product is saving you both time and money it’s hard to pick out just one thing!”