NET2GRID is an AI company which empowers energy retailers to become energy transition leaders by unlocking value from smart meter data. We provide the most accurate residential energy insights and predictions thanks to our unique know-how in collecting and analysing smart meter data of all granularities.
powercloud/NET2GRID – Demand Forecasting
We can help to improve the accuracy of your current demand forecasts. Conventional top-down forecasting models have become less accurate in markets with uptake of renewables like residential solar and uptake of electric vehicles. We instead follow a bottom-up approach. We aggregate the individual load profiles of residential customers and thus identify the impact, for instance, of solar PVs and EV charging in a much more accurate way. We can, thus, provide you with an additional correction factor that you can apply on your existing forecasting models and, thereby, increase your forecasting accuracy up to 98%. Depending on the size of your customer base, this can yield a yearly reduction in imbalance costs of several million.
Additionally, access to household level demand forecasts can support you to predict the needs of customers and solar PV and EV uptake throughout your customer base in order to offer new services around HEMS device switching and to define your service innovation and grid investment roadmap.
- Improve energy demand planning on the wholesale market
- Identify residential growth trends to refine forecasting error corrections
- Unlock opportunities for Energy-as-a-Service products and commodity tariff plans