Energy Forecasting: Utilising the Power of Tomorrow’s Data
Energy forecasting plays a pivotal role in our modern world, where energy consumption, production and pricing are critical factors.
Energy forecasting involves predicting the demand load and price of various energy sources, including both fossil fuels and renewable energy resources like wind and solar.
With an accurate energy usage forecast, a business can efficiently allocate and manage resources, this is crucial to maintain a stable energy supply to the consumer; energy forecasting is fundamental as we transition to renewable energy sources which do not produce consistent energy. Energy companies, grid operators and industrial consumers rely on forecasts to optimize their operations. Over- or undercontracting can lead to significant financial losses, so precise forecasts are essential.