How accurate short-term forecasting is a game-changer for renewable generators
Deepak Prabhu • January 26, 2021
Self-forecasting in Australia’s National Electricity Market (NEM) allows semi-scheduled generators the opportunity to 'self-forecast' their electricity production and more closely meet their dispatch target. By doing so, they can reduce their exposure to Frequency Control Ancillary Services (FCAS) ‘Causer Pays’ costs and support grid stability and reliability. The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.
In this webinar, you can engage with a panel of industry experts who will discuss self-forecasting in the NEM in light of a groundbreaking AI-driven short-term forecasting trial by Utopus Insights at Infigen Energy’s Lake Bonney 2 and 3 wind farms in Australia, which improved forecasting accuracy by more than 25% compared to the Australian Wind Energy Forecasting System (AWEFS) forecasts by the Australian Energy Market Operator (AEMO).
Speakers:
- Stephanie Easton, Manager - Operations Control Centre, Infigen Energy
- Jonathon Dyson, Managing Director, Greenview Strategic Consulting
- Shekhar Kamath, General Manager, Business Development, Utopus Insights
- Hugh McKenzie, Business Manager, Aftermarket Upgrades, Asia-Pacific, Vestas (moderator)
When: 3-4 PM AEDT; Wednesday, Feb. 10, 2021
Why Attend:
- Learn why renewable generators should care about self-forecasting - How the market needs will be fulfilled using renewables, by injecting certainty to power forecasts - Get insights on the models that Utopus Insights developed to submit self-forecasts, used by AEMO for farm dispatches
- Hear directly about Infigen Energy’sexperience and learnings during the ARENA pilot; the value realized through self-forecasting, and how other operators can derive similar benefits
- Understand how to leverage digital solutions to minimize FCAS penalties – implementation and future use cases
- Better understand short-term power forecasting’s return on investment potential for your organization
Three questions we will answer:
- How will self-forecasting save money for renewable generators? What is the potential impact on hybrid projects?
- How does self-forecasting impact NEM grid operations?
- What is the the future outlook for short-term forecasting in the NEM and beyond?
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As the global shift towards renewable energy continues, wind and solar power are emerging as crucial sources of electricity generation. However, unlike traditional energy sources like coal and natural gas, the effectiveness of wind and solar power is highly dependent on weather patterns. This makes accurate power forecasting digital solutions such as Scipher.Fx essential for wind and solar power producers. Maximizing Energy Production Wind and solar power producers heavily rely on precise power forecasts to maximize their energy production. By understanding the expected energy output from their renewable energy assets, producers can ensure that they meet the demand and avoid any disruptions in energy supply. Accurate power forecasting also helps in preventing over-generation, which leads to wasted energy and revenue. With Scipher.Fx, producers can optimize their energy generation and improve overall efficiency. Reduce Imbalance Costs Implementing power forecasting software such as Scipher.Fx can lead to significant cost savings for wind and solar power producers. By leveraging accurate forecasts, producers can effectively manage their energy generation, resulting in optimized operations, reduced maintenance costs, and improved labor efficiency. S cipher.Fx enables producers to avoid penalties associated with over-generation or under-generation, thereby preventing financial losses. Grid Integration Integrating wind and solar energy production with the power grid requires precise power forecasting. Accurate forecasts enable producers to plan their energy generation effectively and ensure a timely supply of the required amount of energy to the grid. This aspect is especially crucial in regions with high levels of renewable energy generation, as maintaining grid stability becomes a challenge. Regulatory Compliance Compliance with regulations pertaining to energy generation is a crucial responsibility for wind and solar power producers. Many regulatory bodies require accurate power forecasts from producers, which can be a daunting task without the appropriate software tools. Scipher.Fx provides wind and solar power producers with the means to comply with regulatory requirements effectively. By utilizing the power forecasting capabilities of Scipher.Fx, producers can ensure accurate forecasts, meet regulatory standards, and avoid penalties associated with non-compliance. As wind and solar power take center stage in the renewable energy landscape, power forecasting software like Scipher.Fx plays a vital role in optimizing energy production, achieving cost savings, enabling seamless grid integration, and ensuring regulatory compliance for wind and solar power producers. By harnessing the power of accurate forecasting, producers can unlock the full potential of renewable energy and contribute to a sustainable and greener future.
Sotiris Shiacallis, Operations Manager at Cyprus-based wind farm operator T.P. Aeolian Dynamics, shares about the company's experience using Scipher.Fx and Scipher.Vx+. Shiacallis describes how renewable power forecasting and asset management digital solutions by Utopus Insights have become pivotal in optimizing their wind farm operations, enhancing forecasting accuracy, and driving O&M with reliable insights.
