Demand Forecasting

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Access the EPRI report detailing our technology's optimization of a coal-fired power plant.

Energy producers are keenly interested in building predictions for optimum volumes and prices at which to sell their assets. The sheer number of dynamic variables makes accurate predictions an ongoing challenge, at best. Maximizing equipment capacity to meet peak demand; conserving supplies for low-demand periods; meeting legislative requirements for consumption estimates; evaluating price variations across distribution networks… The list of complexities can seem overwhelming.

The STATISTICA Demand Forecasting solution is designed to automate the building of predictive models for demand and prices. To ensure maximum accuracy the system uses auxiliary parameters influencing production or demand in specific regions, e.g., seasonal indicators, market substitutes, weather and precipitation factors (relevant for markets with hydroelectric power plants), etc. Resulting predictions are automatically uploaded to the database and made available for reporting engines.

STATISTICA Solution

  • Automatic Model Selection: STATISTICA automatically builds and selects the best forecasting model or ensemble of models.
  • Enterprise-wide Workflow: Multi-user system enables collaborative work in a role-based, team environment and is easily scalable to address any workload.
  • Monitoring System: An easy-to-use analytic dashboard facilitates 24/7 monitoring and helps to control prediction accuracy over time.
  • Comprehensive Statistical Tools package: STATISTICA Data Miner provides you with an arsenal of the most powerful statistical tools available.

Included Technologies

 

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