Nostradamus AI launched for energy forecasting

The Nostradamus AI solution has been launched by Hitachi Energy for artificial intelligence powered energy forecasting.

The Nostradamus AI solution aims to provide utilities, power system operators, energy producers and traders with highly precise forecasts for common energy-specific use cases.

Drawing on Hitachi Energy’s 30 years of extensive energy market data, its forecasts are declared to be over 20% more accurate than industry targets.

With this, the solution should optimise energy investments, trading strategies and revenue opportunities, streamline operational efficiencies and resource planning, and ensure transparency for regulatory compliance.

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“Advanced forecasting is integral to effectively manage a company’s energy portfolio strategy, allowing operators and analysts to make informed decisions across their businesses quickly,” said Massimo Danieli, managing director, Business Unit Grid Automation for Hitachi Energy.

“We’ve applied our extensive energy domain expertise and data science background to create an AI engine that can significantly accelerate the ability of users to make impactful decisions with their energy data, deliver improved profitability across their businesses and scale as the grid evolves.”

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, with users able to plug their own and third-party data and unique parameters into its pre-tuned models to generate customised energy-specific forecasts or ‘pipelines’ for system load, wind generation, solar generation, market pricing and more.

Nostradamus AI is cloud-native and can scale from a single forecast to more than 100,000 forecasts. Thus 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 supports several of the highest performing AI models. It is built with a composable architecture, allowing organisations to use their existing API endpoints to scale development.

While Nostradamus AI is available now as a standalone solution as part of the company’s energy portfolio management solutions, the energy forecasting engine capabilities also can be integrated into a range of Hitachi Energy’s digital solutions, including its grid edge and grid and generation management solutions, among others.