This document summarizes a webinar on using neural networks to model German day-ahead spot electricity prices and analyze price sensitivity. It discusses modeling spot prices with neural networks, analyzing price expectations under varying market conditions, and answering participant questions. Key topics covered include using neural networks for price forecasting, considering different market inputs, approximating the merit order, and a new application that allows adjusting inputs to see how prices may change under different scenarios.
Quantitive Approaches and venues for Energy Trading & Risk ManagementManuele Monti
A presentation on Quantitative developments for the energy industry, comprising of two business cases in Renewable Energy and Power Asset Modelling and Optimization
VTT:n mukaan tuuliennusteiden virheistä aiheutuvat kustannukset voidaan jopa puolittaa, kun tuulivoimaennusteet tehdään useille maantieteellisesti hajautetuille tuulipuistoille yksittäisten tuulipuistojen sijasta. VTT on myös selvittänyt tuotantovaihtelujen tasaantumista Pohjoismaiden alueella. Tuloksia voidaan hyödyntää säätövoimatarpeen suunnittelussa ja tuulivoiman vaihtelun ennustamisessa.
Quantitive Approaches and venues for Energy Trading & Risk ManagementManuele Monti
A presentation on Quantitative developments for the energy industry, comprising of two business cases in Renewable Energy and Power Asset Modelling and Optimization
VTT:n mukaan tuuliennusteiden virheistä aiheutuvat kustannukset voidaan jopa puolittaa, kun tuulivoimaennusteet tehdään useille maantieteellisesti hajautetuille tuulipuistoille yksittäisten tuulipuistojen sijasta. VTT on myös selvittänyt tuotantovaihtelujen tasaantumista Pohjoismaiden alueella. Tuloksia voidaan hyödyntää säätövoimatarpeen suunnittelussa ja tuulivoiman vaihtelun ennustamisessa.
GRID FLEXIBILITY: an antidote to relieve pain in a changing energy systemIRIS Smart Cities
While creating the sustainable energy system some changes required will be so drastic they will lead to situations where the existing rules and system control will become insufficient
- the system will experience ‘pain’
This presentation provides insights into the DSO’s position in the future electricity system
Wind power forecasting an application of machineJawad Khan
The advancement in renewable energy sector being the focus of research these days, a novel neuro evolutionary technique is proposed for modeling wind power forecasters.
The work uses the robust technique of
Cartesian Genetic Programming to evolve ANN
for development of forecasting models.
These Models predicts power generation of a wind based power plant from a single hour up to a year - taking a big lead over other proposed models by reducing its MAPE to minimum values for a single day hourly prediction.
Results when compared with other models in the literature demonstrated that the proposed models are among the best estimators of wind based power generation plants proposed to date.
Airborne Wind Eenergy or also called high altitude wind energy systems are the most promising source of renewable energy and more cost-effective than conventional fossil fuel systems with the aim to achieve more sustainable forms of energy production.
GRID FLEXIBILITY: an antidote to relieve pain in a changing energy systemIRIS Smart Cities
While creating the sustainable energy system some changes required will be so drastic they will lead to situations where the existing rules and system control will become insufficient
- the system will experience ‘pain’
This presentation provides insights into the DSO’s position in the future electricity system
Wind power forecasting an application of machineJawad Khan
The advancement in renewable energy sector being the focus of research these days, a novel neuro evolutionary technique is proposed for modeling wind power forecasters.
The work uses the robust technique of
Cartesian Genetic Programming to evolve ANN
for development of forecasting models.
These Models predicts power generation of a wind based power plant from a single hour up to a year - taking a big lead over other proposed models by reducing its MAPE to minimum values for a single day hourly prediction.
Results when compared with other models in the literature demonstrated that the proposed models are among the best estimators of wind based power generation plants proposed to date.
Airborne Wind Eenergy or also called high altitude wind energy systems are the most promising source of renewable energy and more cost-effective than conventional fossil fuel systems with the aim to achieve more sustainable forms of energy production.
ICIS - Power price prediction with neural networksICIS
Neural Networks have received widespread attention for their ability to forecast in complex environments with numerous influences and high volatility. These models learn by identifying patterns and bits of information in the data and use this for projections of the future. In the scope of power market analysis, Neural Networks are seen as a major breakthrough for dealing with renewable generation uncertainty and to reduce the complexity of required modelling assumptions. Sign up for a free trial: www.icis.com/german-spot-price
Cost development of renewable energy technologiesLeonardo ENERGY
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Future Electricity Markets: key pillars with high shares of wind and PVLeonardo ENERGY
More and more countries world-wide are targeting high shares of wind and solar photovoltaics in their electricity mix. To integrate high shares of these variable renewable energy sources, the electricity system needs to become more flexible in order to balance supply and demand at all times. The webinar will discuss key design features of future electricity markets, including incentives for more flexible fossil-fuel based and renewable-based power generation, modifications to the design of electricity markets, incentives for more flexible demand, and storage options.
Future electricity markets: key pillars with high shares of wind and PVLeonardo ENERGY
This session is part of the Clean Energy Regulators Initiative Webinar Programme.
Theme 4 - Integration and Issues for Renewables
Module 3: Key pillars of electricity markets with high shares of wind and PV
More and more countries world-wide are targeting high shares of wind and solar photovoltaics in their electricity mix. To integrate high shares of these variable renewable energy sources, the electricity system needs to become more flexible in order to balance supply and demand at all times. The webinar will discuss key design features of future electricity markets, including incentives for more flexible fossil-fuel based and renewable-based power generation, modifications to the design of electricity markets, incentives for more flexible demand, and storage options.
Drivers and Barriers in the current CSP marketLeonardo ENERGY
This webinar will provide a general view of drivers and barriers for CSP development, with a particular focus on the structure of the CSP Value Chain. From a technical point of view, the main key performances will be reviewed for the different technologies.
Advanced weather forecasting for RES applications: Smart4RES developments tow...Leonardo ENERGY
Recording at: https://youtu.be/45Zpjog95QU
This is the 3rd Smart4RES webinar that will address technological and market challenges in RES prediction and will introduce the Smart4RES strategy to improve weather forecasting models with high resolution.
Through wind and solar applications, Innovative Numerical Weather Prediction and Large-Eddy Simulation approaches will be presented.
Exploring the economic and societal impacts of enabling the rollout of electr...DecarboN8
The third webinar in DecarboN8's Future Transport Fuels Webinar Series for academics, students, policymakers, businesses, civil society and anyone interested in the decarbonisation of transport in the UK.
About the event:
Over the last four years, CEP has applied its economy-wide approach to analysing the likely wider economy impacts of enabling the roll-out of electric vehicles in the UK. This is seen as a key component of reducing emissions from private transport and facilitating the transition to net zero. In this webinar we will discuss our latest research that explores the macro economic and societal impacts of both investing to reinforce the electricity network and from shifting fueling from fossil fuels to electricity. We will also explore considerations for a ‘Just Transition’ and regulatory and policy implications.
About the speaker:
Professor Karen Turner is Director of the Centre for Energy Policy at the University of Strathclyde. She has previously held academic posts at in the Economics Departments at Heriot-Watt, Stirling and Strathclyde Universities. Karen was one of six ESRC Climate Change Leadership Fellows and her main research interests lie in considering and modelling the economy-wide and macroeconomic impacts of energy policy and industry developments. The main focuses of her current work is considering the wider economic and societal value proposition for a range of low carbon energy solutions, including energy efficiency, electric vehicles, industrial decarbonisation and CCUS, through projects funded by UKRI and various government and industry bodies. Karen is currently a member of the Scottish Just Transition Commission, was member of the committee delivering the Royal Society of Edinburgh’s inquiry on Scotland’s Energy Future and is leading a cross-cutting sub-group of a new Royal Society (London) study on the long term role of energy storage.
The European long term vision and the Elia Group challengesElia
Presentation given by Sophie De Baets, European Regulatory & Public Affairs Advisor at Elia, during the EU Briefing on Energy organised by Amcham Belgium on 7/7/2014.
Presented by René Kamphuis, TNO NL and Matthias Stifter, AIT Energy Department, Austria at the IEA DSM workshop in Lucerne, Switzerland on 16 October 2013.
5467470000 capacity markets in europe final february 2014 v1 4Niclas Damsgaard
Final report from Sweco's multiclient project "Capacity Markets in Europe - Impact on Trade and Investments" (Feb 2014).
The study was supported by 15 industry stakeholdes (power companies, TSO:s, national regulators) from 8 countries.
Data Centers - Striving Within A Narrow Range - Research Report - MCG - May 2...pchutichetpong
M Capital Group (“MCG”) expects to see demand and the changing evolution of supply, facilitated through institutional investment rotation out of offices and into work from home (“WFH”), while the ever-expanding need for data storage as global internet usage expands, with experts predicting 5.3 billion users by 2023. These market factors will be underpinned by technological changes, such as progressing cloud services and edge sites, allowing the industry to see strong expected annual growth of 13% over the next 4 years.
Whilst competitive headwinds remain, represented through the recent second bankruptcy filing of Sungard, which blames “COVID-19 and other macroeconomic trends including delayed customer spending decisions, insourcing and reductions in IT spending, energy inflation and reduction in demand for certain services”, the industry has seen key adjustments, where MCG believes that engineering cost management and technological innovation will be paramount to success.
MCG reports that the more favorable market conditions expected over the next few years, helped by the winding down of pandemic restrictions and a hybrid working environment will be driving market momentum forward. The continuous injection of capital by alternative investment firms, as well as the growing infrastructural investment from cloud service providers and social media companies, whose revenues are expected to grow over 3.6x larger by value in 2026, will likely help propel center provision and innovation. These factors paint a promising picture for the industry players that offset rising input costs and adapt to new technologies.
According to M Capital Group: “Specifically, the long-term cost-saving opportunities available from the rise of remote managing will likely aid value growth for the industry. Through margin optimization and further availability of capital for reinvestment, strong players will maintain their competitive foothold, while weaker players exit the market to balance supply and demand.”
Explore our comprehensive data analysis project presentation on predicting product ad campaign performance. Learn how data-driven insights can optimize your marketing strategies and enhance campaign effectiveness. Perfect for professionals and students looking to understand the power of data analysis in advertising. for more details visit: https://bostoninstituteofanalytics.org/data-science-and-artificial-intelligence/
As Europe's leading economic powerhouse and the fourth-largest hashtag#economy globally, Germany stands at the forefront of innovation and industrial might. Renowned for its precision engineering and high-tech sectors, Germany's economic structure is heavily supported by a robust service industry, accounting for approximately 68% of its GDP. This economic clout and strategic geopolitical stance position Germany as a focal point in the global cyber threat landscape.
In the face of escalating global tensions, particularly those emanating from geopolitical disputes with nations like hashtag#Russia and hashtag#China, hashtag#Germany has witnessed a significant uptick in targeted cyber operations. Our analysis indicates a marked increase in hashtag#cyberattack sophistication aimed at critical infrastructure and key industrial sectors. These attacks range from ransomware campaigns to hashtag#AdvancedPersistentThreats (hashtag#APTs), threatening national security and business integrity.
🔑 Key findings include:
🔍 Increased frequency and complexity of cyber threats.
🔍 Escalation of state-sponsored and criminally motivated cyber operations.
🔍 Active dark web exchanges of malicious tools and tactics.
Our comprehensive report delves into these challenges, using a blend of open-source and proprietary data collection techniques. By monitoring activity on critical networks and analyzing attack patterns, our team provides a detailed overview of the threats facing German entities.
This report aims to equip stakeholders across public and private sectors with the knowledge to enhance their defensive strategies, reduce exposure to cyber risks, and reinforce Germany's resilience against cyber threats.
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
Adjusting primitives for graph : SHORT REPORT / NOTESSubhajit Sahu
Graph algorithms, like PageRank Compressed Sparse Row (CSR) is an adjacency-list based graph representation that is
Multiply with different modes (map)
1. Performance of sequential execution based vs OpenMP based vector multiply.
2. Comparing various launch configs for CUDA based vector multiply.
Sum with different storage types (reduce)
1. Performance of vector element sum using float vs bfloat16 as the storage type.
Sum with different modes (reduce)
1. Performance of sequential execution based vs OpenMP based vector element sum.
2. Performance of memcpy vs in-place based CUDA based vector element sum.
3. Comparing various launch configs for CUDA based vector element sum (memcpy).
4. Comparing various launch configs for CUDA based vector element sum (in-place).
Sum with in-place strategies of CUDA mode (reduce)
1. Comparing various launch configs for CUDA based vector element sum (in-place).
Show drafts
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Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
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Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
ICIS webinar - Price sensitivity analysis with neural networks
1. Power price sensitivity analysis
with Neural Networks for German
day ahead spot trading
Free webinar 10.07.2014
Jonathan Scelle
Senior Analyst EU Power Markets
Sebastian Stütz
Lead Analyst Power
2. www.icis.com
Content
PART I – Concept of modeling spot prices with Neural Networks
PART II – Sensitivity: Price expectations under varying conditions?
Your Questions
4. www.icis.com
How to model power prices?
Market Challenges
Uncertainty in
renewable gener-
ation and power
demand
High day to day
price volatility
Negative prices
Source: ICIS Power Portal
5. www.icis.com
How to model power prices?
Which prices to forecast?
Spot vs. forward market (spot market highly volatile with renewable challenges)
OTC, daily auction
Specific power market problems to address
State of information before auction gate closure
How to model hours? Separate prediction / 24h prediction?
(number of inputs in model / complexity / overfitting?)
Multiple day ahead => feed same model / new model?
Negative prices
6. www.icis.com
Why use Neural Networks?
NNs can learn from sample data
NNs are data driven self-adaptive models which determine their function based
on sample data
No a-priori assumptions are needed
NNs can generalize
NNs can produce reasonable outputs for previously unseen data
NNs are universal function approximators
NNs can deal with non-linear relationships
NNs are successfully used for a wide variety of tasks
Facial Recognition
Text analysis
Technical process control
Medical diagnosis
Stock market forecasts
7. www.icis.com
Price model key summary
Data prepared with power market insight
We aggregate raw input series to prepared series like residual demand
We apply averages and self-developed indicators for key power factors, e.g.
indicators for degree of utilization of merit order
Considered inputs
available capacities (EEX after scope correction with BNetzA figures)
power demand forecast (own Neural Network based model for DE/AT)
wind and solar production forecasts (own model)
fuel and carbon price levels
Import/export flows*
multiple weather variables (based on high resolution GFS-WRF)
efficiency factors of power plants
* Import / Export explicit modeling is running project.
8. www.icis.com
Implicit stack / merit order approximation
Our model is not trained to forecast absolute prices but to learn price
gradients in the merit order, visible through auction results (extension to
bidding curves in plan)
The trained “model” can be described as an experienced view on price
gradients at the price setting parts of the merit order
Hence, the model is capable of predicting price changes from
drops/increases in e.g. residual load or available capacities
In order to distil changes in historic data we normalize always based on
each latest week. Our running forecasts take into account latest days and
weeks and long-term trends.
Source: Risø DTU
9. www.icis.com
Advantages / disadvantages of Neural Networks as
power price models
Pros
Decreases need for explicit
assumptions
How do you model in your
stack…
Actual efficiencies and
capacities of each plant?
Inland transportation costs
Topping turbines
Combined heat and process
steam generation
Must run conditions
Transferable to other markets
Constantly learning
Cons
Require long series, structural
change of market mechanisms
(e.g. capacity market) would
be a problem
Computationally expensive
11. www.icis.com
Neural Network based price forecast model –
backtesting
1-day-ahead:
2-day-ahead:
Ø MAE hourly: Ø MAEbase:3.72 € 2.23 €
Ø MAE hourly: Ø MAEbase:4.01€ 2.91 €
12. www.icis.com
In a perfect world, inputs would be always right
In Power markets: Most key inputs have to be estimated, too
Estimations change over time and with more insight
Sometimes, inputs are not even clear ex-post –
What’s the German power demand?
13. www.icis.com
Example for input forecast:
ICIS Power Demand Forecast (DE/AT)
Based on Neural Networks, trained to match the demand data supplied by
entsoe.eu and apg.at
Utilises a high resolution weather forecast data derived from the world-wide
operational GFS (Global Forecasting System) model
Considers the time of the year as well as a variety of date-depending factors
Effects that directly affect the population – like weather and holidays – are weighted
accordingly for each minor region within the countries
Updated 4 times a day starting 3:04 [GMT]
Period MAE
Jan 2014 1741 MW
Feb 2014 1914 MW
Mar 2014 1501 MW
Apr 2014 1846 MW
Jan-Apr 2014 1750 MW30,000
40,000
50,000
60,000
70,000
80,000
90,000
actual_demand DE+AT (entsoe.eu, APG) forecasted_demand DE+AT
Last week of April 2014 (latest actual publication by ENTSOE.EU)
15. www.icis.com
Content
PART I – Concept of modeling spot prices with Neural Networks
PART II – Sensitivity: Price expectations under varying conditions?
Your Questions
16. www.icis.com
Sensitivity: What would be the price under other conditions?
“What you feed into is what you get”
Single forecasts are tools, not final market views
For a specific input, expectations vary (multiple models/state of information)
Our aim as a data service provider
Enable to widen methodology scope
Enable to improve internal market views
=> Give the ability to adjust and see the changes in the price
Enable to trade
17. www.icis.com
Key power market drivers and what factors to adjust?
Residual Load
= Demand to be
covered by
conventional
power plants
Wind feed-in
Solar feed-in
Power demand
Public behavior,
holidays
Outages
Efficiencies
Fuel prices
Net interconnection flows
Weather
Marginal costs and
supply bidding
behaviourRamping costs
Supply structure
costs at volume
Manual short-term inputs
19. www.icis.com
Which input changes can be explained by shifting
residual load against the stack?
Price insight is generated by shifting the remaining
consumption against the conventional (ANN: implicit) stack
Change in power demand?
Change in renewables?
Change in net interconnection flow?
Change in available capacity of baseload power plants (new builds)?
Changes in the plant efficiencies and fuel prices?
Source: Risø DTU
Adjustable with
residual load
shift concept?
No
Approximated by
ANN learning
process
23. www.icis.com
Summary
Varying estimations require options to test changes in price models when
inputs change
Many key fundamental drivers changes can be modelled by left-right
shifting of residual load against the stack
Opportunity to gain confidence on expected price changes/risks for trading
on changing fundamental expectations
Source: Risø DTU
28. www.icis.com
Content
PART I – Concept of modeling spot prices with Neural Networks
PART II – Sensitivity: Price expectations under varying conditions?
Your Questions