The power generation market is rapidly changing
While business drivers and context vary market-to-market, the power & utilities industry relies on forecasting for critical daily generation and dispatch activities. But with many variables in these forecasts changing rapidly due to external factors such as new demand patterns, an evolving generation mix, and an increasing rate of dynamic weather events, forecasts risk becoming unreliable and lead to suboptimal decision-making.
⇒ Volumes and value are moving from day-ahead to intraday and balancing markets
⇒ Changing market models increase the need for speed in decisions and provide increasing data volume from several sources
⇒ New sources of power production challenge the validity of existing, well known analytical model
⇒ Deregulation is creating risks and opportunities in more immature markets
With Cognite Data Fusion®, generators and independent system operators (ISOs) can leverage their existing data and improved forecasting abilities to build efficiencies and competitive advantage from their operations. In our recent webinar, we sat down with power trading subject-matter experts to learn how Cognite enables analysts and traders to work iteratively in a data science process across a range of analytical topics within the trading domain.
Why are the current tools not enough?
With all these long and short term strategies accompanied by various forecasts, market changes and prices; it’s all quite complicated to understand what matters when. This leaves the traders to make their own routines and cross their fingers.
The power trading market is currently underserved with the existing products and technologies:
⇒ Analytics models are largely outdated
⇒ Models rarely leverage model data-driven, machine learning methods
⇒ Data is often trapped in silos, which creates issues with data availability
⇒ It is difficult to operationalize data and scale to capture value of data
A new tool in your toolbelt: Cognite Data Fusion®
Cognite and Cognite Data Fusion® provides the technology and the Industrial DataOps capabilities to enable power traders to liberate data from silos and build contextualized data processes:
⇒ Enables liberation of data from existing systems and models
⇒ Basic data availability for exploration and comparison/benchmarking
⇒ Support for time series, ensembles, trade data and events
⇒ Integrates to external APIs for operationalizing analytical models
⇒ Interoperability with existing application suites
Generations can build a competitive advantage by improving the data and analytics stack and process. Cognite Data Fusion® is the competitive advantage that allows you traders to quickly identify, interpret and act on new information. Cognite enables data stakeholders to more effectively access, experiment with and deploy data-driven decision making to improve profits.
A European hydropower operational in flexible generation with flexible capacity has been using this approach to improve forecasts by ~20% and expects to realize an additional $1.1M in year one
Watch the full webinar, "Smarter Trades, Bigger Profits: Improving Data Analysis Across the Spectrum of Power Trading Activity" on demand to dig in even deeper. Watch on demand here.