What is the impact of knowing what will happen tomorrow?
Since the beginning of times, that mankind aims to know what will happen tomorrow, in the next weeks, months and years, and the inability to do it has created some anxiety, frustration and some unwise decisions. Being able to see clearly what will happen in the future, was always seen as a way to be one big step ahead of the crowd, especially in Business. Have the ability to anticipate performances, behaviours and trends is for sure a competitive advantage, decisive in the energy market and renewables that are influenced by many variables that can either trigger or block the business.
With the unstoppable growth of renewable energy, predict how much power will enter the grid at any given moment is what makes of Power Forecasting so relevant this days being one of those daily-basis variables crucial to the profitability of energy companies.
But what is Power Forecasting?
Power Forecasting is the ability of estimating the quantity of energy produced and transferred to the grid in the nearest future.
Global energy demand will continue to rise through 2040, and power supply will merge from different sources spread throughout the globe, and the task of assemble all the data between demand and offer is becoming harder and requiring great expertise and computing power, since the smallest piece of information or change can lead to great loss, making of Power Forecasting so relevant for an increasingly competitive market.
The importance of Weather Forecast
The power resultant from renewable sources isn’t stable as it depends of natural occurrences such as rain, sunshine, wind or storms, making of Weather Forecast one of the key contributors to a successful Power Forecasting. But it’s not the only benefit from having access to an high-resolution weather forecast. Security is a trend, and will always be. Being able to protect infrastructures and employees from extreme weather events is an high-priority in the industry. Being preventive instead of reactive is a key advantage to the success of the business safety and profitability.
Why Power Forecasting Is Beneficial?
- Saves costs for direct marketers
- Helps energy traders and regional power providers to calculate power production and energy pricing
- Enables plant operators to estimate power production and schedule maintenance work
- Timely identification of risks and faults
- Overview of a wide variety of factors that influence power production
- A predictive model ensures a monitored battery storage
Smartwatt main core is energy systems optimization, from project to installation and to the assets management in real-time, covering the value chain from top to bottom. The company has a culture of future. The Smartwatt team develops solutions that increase the efficiency of their customers’ business processes. The company mission is empowering their partner’s energy systems with the most advanced tools and processes for optimizing energy consumption, renewable energy production and maintenance operations, making energy simple, safe, affordable and sustainable. For additional info, please visit www.smartwatt.pt