Hitachi Energy has launched a new artificial intelligence-powered energy forecasting solution, Nostradamus AI.
It said Nostradamus AI “leverages the company’s 30 years of the most extensive energy market data to provide utilities, power system operators, energy producers, and traders with highly precise forecasts for common energy-specific use cases.”
Nostradamus AI "is a modern AI engine that can generate forecasts estimated to be over 20 percent more accurate than some industry targets. The solution optimizes energy investments, trading strategies, and revenue opportunities, streamlines operational efficiencies and resource planning, and ensures transparency for regulatory compliance," it said.
Nostradamus AI combines grid-performance data, market forecasts, and advanced asset monitoring underpinned by machine learning and other data science best practices.
"The solution is a configurable, predictive analytics tool that puts the power in the hands of investors, operators, developers, and traders. Users can plug their owned and third-party data and unique parameters into Nostradamus AI’s pre-tuned, off-the-shelf models to generate accurate, customized energy-specific forecasts – called pipelines – for system load, wind generation, solar generation, market pricing, and more."
Nostradamus AI creates regression-style forecasts that make it easier for users to interpret and explain their forecasts and make better-informed business decisions, the company said.
Hitachi Energy Nostradamus AI is a cloud-native solution that can scale from a single forecast to more than 100,000 forecasts. "With users’ future forecasting needs in mind, the AI engine can, for example, generate predictions for the renewable generation of a single wind turbine and solar farm or thousands of different load points."
In addition, Nostradamus AI "is algorithm-agnostic and today supports several of the highest-performing AI models. It is built with a composable architecture, allowing organizations to use their existing application programming interface (API) endpoints to speed and scale development, and is easy to automate and integrate with users’ systems."
