Data market applied to renewable and interconnector forecasts
Predico is an innovative approach to forecasting, especially for quantities of common interest to multiple market parties and systems operators, such as renewable energy generation or interconnector flows. Forecasting these quantities accurately is becoming increasingly important in a high-RES, interconnected European energy system.
Predico is a data and forecasting market where forecasters receive performance-based compensation from multiple consumers at once, and consumers benefit from a high-quality, reliable, aggregated forecast while lowering the overheads ordinarily associated with bilateral forecasting contracts.
It was created by the Institute for Systems and Computer Engineering, Technology and Science (INESC TEC) as a Horizon Europe project, and is now being further developed and tested with Elia Group on the use-case of improving the accuracy of offshore wind ramping forecasting. This presentation will demonstrate how it works and report preliminary results.
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