STEP 4

Short Term Electricity Price Forecaster

Project Summary

This project looks at the short term electricity price markets on the Islands of Ireland and Great Britain initially. It analyses historic electricity and other related data and forecasts market prices on half hourly or hourly basis depending on the different markets. It builds on research already carried out by Nimbus Centre staff in the areas of forecasting techniques, model predictive control and energy optimisation.

Main Objectives of Project

Delivers accurate day-ahead predictions for the single electricity market
(SEM) in Ireland.

Up to 20% better than what is currently available to market participants.

Shown to outperform a myriad of deterministic and stochastic prediction
models.

Computationally efficient.

Model architecture can be adopted for other forecast time horizons.

Configurable to suit prediction parameter of interest.

Nimbus Role

This project is resourced entirely by Nimbus Centre as it has originated from research carried out by Nimbus Centre staff.

Funding Body

Step4 is funded under the Enterprise Ireland Commercialisation Fund Programme.

Project Start Date: 01 September 2016

Duration: 26 months