Artificial Forecasting Innovation Project
Introduction
OakTree Power Ltd has embarked on a groundbreaking initiative named the “Artificial Forecasting” project in collaboration with Northern Powergrid, Faculty AI, and ev. energy. This project, a beacon of innovation in demand-response and “green” flexibility solutions, aims to revolutionise energy forecasting and distribution system optimisation.
Client Background
Northern Powergrid operates within the energy sector, focusing on the distribution of electricity across various regions. The company is at the forefront of transitioning to more sustainable and efficient energy systems, striving to meet the ambitious Net-Zero targets set by the UK.
Challenge
The existing forecasting models used by Northern Powergrid and other Distribution Network Operators (DNOs) lack the granularity required for optimising the energy distribution system. Reliance on annual load forecasts and limited data for low voltage networks hinders the ability to effectively plan and manage energy distribution, necessitating a more detailed and dynamic approach to forecasting.
OakTree Power's Solution
OakTree Power addresses this challenge by implementing advanced cloud-based AI solutions that enhance energy use efficiency in industrial and commercial buildings. By transforming these buildings into dynamic demand response assets, OakTree Power provides Northern Powergrid with a detailed view of the embedded flexibility within the distribution network, thereby enabling more precise and granular energy forecasting.
Implementation
The project’s Alpha Phase, funded by Ofgem’s Strategic Innovation Fund, focuses on a feasibility study to integrate various data sources for improved forecasting accuracy. OakTree Power’s cutting-edge technologies are pivotal in aggregating this data, offering insights down to the monthly, weekly, daily, and hourly levels, which significantly augments the forecasting capabilities of Northern Powergrid and other DNOs.
The outcome
The implementation of OakTree Power’s solutions is expected to significantly enhance load forecasting capabilities, allowing for optimal flexibility dispatch and potentially avoiding costly network reinforcements. This innovation could lead to substantial savings, estimated at up to €29 billion annually in network upgrade costs and up to €300 billion in consumer cost savings across the UK and EU due to lower wholesale prices and reduced system costs.
Broader Impact: The “Artificial Forecasting” project aims to create a smarter, cleaner, and more flexible energy system that embeds flexibility across all networks at minimal costs. By leveraging AI for precise load forecasting, the initiative will not only improve network planning and flexibility market design but also pave the way for a decentralized, Net-Zero transition that maximizes value for electricity consumers.
References:
UK Power Networks: https://www.ukpowernetworks.co.uk/news/pioneering-power-project-sees-office-blocks-cutting-costs-and-carbon
National Grid: https://www.nationalgrideso.com/news/world-first-demand-flexibility-service-exceeds-expectations-businesses-saving-thousands-pounds
Share
Take the next step
For further information on how OakTree Power can transform your energy landscape, contact our team today.
