This programme consists of a research project and the participating companies' R&D projects and involves other company collaboration activities.
Public description of the programme and the research project
Given the onset of the climate change, a global revolution in energy solutions is necessary. A grand challenge to be solved in this new energy solutions revolution is ensuring the availability of various distributed energy resources at exactly the right time. Ancillary markets provide nationwide mechanisms to accomplish this without government subsidies. Owners of assets are required to constantly bid on these auction markets, and good business decisions related to the bidding must be made constantly in order to bid profitably. These decisions are usually made with a Virtual Power Plant, either automatically or by an expert user.
The Predictricity consortium project applies artificial intelligence to develop forecasting capabilities to Virtual Power Plants in order to inform these business decisions. Forecasting focuses on the market and the flexibility of assets for the upcoming near-term bidding period. Online forecasting applications are developed, through which the forecasts are available by the time the business decisions related to the bidding need to be made.
The project focuses on Finnish, Nordic and other European country markets, as these countries and Finland in particular have been progressive in making relevant open data available. The project also closely follows European market harmonization projects and anticipates their significance to the development of the forecasting capabilities. The main ancillary markets of interest are frequency containment reserves and frequency restoration reserves.
Research project funding
The research project is funded by:
We also wish to acknowledge:
CSC - IT Center for Science, Finland
for computational resources.
Our research collaborators at La Trobe University have their own funding.
Participating companies' activities
Public descriptions of the main partner companies' R&D projects, and other details about the Predictricity programme, will become available via Business Finland's funding information page in due time.
Each participating main partner company's R&D project is funded by that company and Business Finland. Other partner companies' collaboration activities are funded by the companies themselves.
From Business Finland's point of view, and in their terms, Predictricity is a Co-innovation consortium, which is part of the Smart Energy Finland program.