Forecasting and Monitoring
Strategic Moves in the Energy Sector: The Importance of Forecasting and Instant Monitoring
The energy sector attaches great importance to software integration in order to develop efficient, sustainable and cost-effective solutions in a rapidly digitalizing world. In this context, the integration of energy consumption forecasting software with energy monitoring and energy trading software has become an indispensable need for businesses in the sector. So, what is the importance of this integration and how does it provide advantages to businesses?
Importance of Energy Production Forecasting
The correct operation of the energy market by forecasting energy production is important for energy supply-demand balance, low costs and investments. In particular, the production of renewable energy plants depends on parameters such as weather conditions, and the electricity generation profile has a variable structure. For this reason, it may cause negative impacts on the electricity market. In order to minimize this impact, the energy production forecasts provided by power plants to the electricity market have an important place. For both the power plant operator and the system operator, forecasts with high accuracy are of great value. Thanks to forecasts with low deviation rates, businesses are better prepared for fluctuations in energy demand. Production planning can be easily created through artificial intelligence-supported daily and monthly weather forecasts, and planned maintenance of energy resources can be carried out in time periods when energy production will be low.
Advantages of Integration
Integrating energy production forecasting software with energy monitoring and energy trading software provides great advantages to energy producers. Thanks to this integration, the estimated energy production consumption can be monitored instantly and imbalance costs are reduced. Another advantage is that it reduces the operational burden of businesses and reduces the error rate by automating the process. In line with the data generated, more strategic decisions can be made in energy trade. For example, a business can predict energy surplus or deficit in line with forward-looking forecasts and can instantly trade on energy exchanges accordingly. This not only optimizes costs but also reduces the risk of being affected by fluctuations in energy markets.
Instant Monitoring and Trading
The fact that the forecasted energy consumption or production data can be monitored instantly with energy monitoring software is a critical element in minimizing forecast deviation. Thanks to these software, businesses can monitor energy production and consumption data instantly. In addition to preventing anomalies that may occur instantaneously, it enables more informed decisions to be made in energy trading processes. For example, with the instant data provided by energy monitoring software, energy trading strategies can be developed in line with forecasts. Thus, the right transaction is made at the right time in energy exchanges, which increases the profitability of the business.
The integration of energy consumption forecasting software with energy monitoring and energy trading software is revolutionizing the energy sector in terms of efficiency and sustainability. Thanks to this integration, businesses can predict their energy consumption more accurately, prevent imbalance costs that may occur with instant data, make more strategic moves in energy exchanges and manage energy resources more effectively. Digitalization in energy is of great importance for every business that wants to remain competitive in the energy sector.
At this point, software solutions such as V-Sensor and V-Forecast are important tools to accelerate the digital transformation of industrial enterprises and power generation facilities. V-Sensor is an IIoT software that allows you to easily track instant data on energy consumption and production, regardless of device manufacturer or communication protocol. This cloud-based solution supports OPC UA, Modbus, HTTP, MQTT and many other protocols, enabling industry-standard data reading, thus accelerating the digital transformation process of your business.
On the other hand, V-Forecast is a powerful software solution for electrical load forecasting. This self-learning and self-calibrating system automatically generates accurate electrical load forecasts thanks to Artificial Intelligence, Machine Learning, Statistical Models and historical load data. This solution, which can automatically detect seasonality, makes energy management more effective for businesses and provides strategic advantages in energy trade.
With the integration of V-Sensor and V-Forecast, you can track your energy consumption forecasts with instant data, strengthen your forecasts, and provide your electricity purchase and sale transactions with maximum efficiency through V-Market in many European energy markets, especially EPEX Spot, Nord Pool, EPİAŞ, HUPX and IBEX.
Author: Sıla GULMEZ