In this episode, we’ll discuss the role of intelligent distributed energy resource management systems (DERMS) in the clean energy transition and how artificial intelligence will help utilities deliver safe, reliable, affordable, and greener energy to their customers.
Veritone Energy: Forecaster
Use AI to accurately detect and predict energy supply, demand, and price
Accurate. Reliable. Flexible.
KEY BENEFITS
 | REDUCE OPERATING COST Lower spinning reserves, reduce maintenance costs, increase energy efficiency, fuel savings |
| ENHANCE CAPACITY PLANNING Know your distributed energy supply and demand at any given second |
| DECREASE CO2 EMISSIONS Reduce reliance on fossil fuels |
| MAXIMIZE INFRASTRUCTURE INVESTMENTS Increase longevity of your grid assets to prevent equipment burnouts |
| INCREASE TRANSACTIVE PROFITABILITY Confidently buy energy low and sell high |
Veritone Forecaster delivers Benefits to:
Utility Companies
Investor Owned, Municipals, Co-ops
Use historical and real-time data modeling to generate highly accurate energy demand, supply and price forecasts to reduce your operating cost, maximize your infrastructure investments, and decrease your carbon footprint.
Use historical and real-time data modeling to generate highly accurate energy demand, supply and price forecasts to reduce your operating cost, maximize your infrastructure investments, and decrease your carbon footprint.
Independent Providers
IPPs, ISOs, DSOs, Energy Traders
Improve your competitive position by aggregating, buying, and selling green energy in the wholesale market based on real-time AI-driven predictions of demand, generation, and price volatility.
Improve your competitive position by aggregating, buying, and selling green energy in the wholesale market based on real-time AI-driven predictions of demand, generation, and price volatility.
Microgrid Developers
C&I, VPP, Campus, Community
Leverage highly accurate demand, supply, and price forecasts to manage your microgrid for improved reliability and efficiency in real-time.
Leverage highly accurate demand, supply, and price forecasts to manage your microgrid for improved reliability and efficiency in real-time.
GREEN ENERGY FORECASTING FOR AN INTEGRATED SMART GRID
The influx of Distributed Energy Resources (DERs) is making grid operators and independent power producers rethink how their businesses are managed and operated. It is challenging the conventional methods for capacity planning, forcing the grid operator to adjust its day-ahead, hour-ahead, and real-time operating procedures. Due to the cumulative impact of renewable energy in the present-day power system, the importance of having accurate and reliable energy forecasts has never been more critical.
Leverage the power of AI
Veritone’s Artificial Intelligence (AI)-powered Forecaster generates highly accurate energy demand, supply, and price forecasts using historical and real-time data modeling of weather, power demand, and DER device data. Using reinforcement learning as the approach, the Forecaster continuously adapts and auto-retrains for time-series forecasts. Our proprietary, real-time algorithms thrive in ambiguous, dynamic environments by making optimal decisions despite a high number of possible constraints. Veritone’s forecasting solution is system and hardware agnostic and offered on- premise, in a hosted environment, or as a service, giving you the ultimate flexibility without sacrificing performance.
Capabilities
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Multi-variable modelsForecast energy demand and supply using AI that takes advantage of multi-variable models that consider cloud density at different elevations, humidity, temperature, wind, load demand, and device operational parameters.
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Optimized price forecastingOptimizer uses multiple energy forecast models to dynamically set the right price for energy, generating long-, medium, and short-term price and load forecasts based on historical and real-time data.
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Auto-retraining and adaptationAutomatically learn over time and improve your demand, supply and price forecasting with Optimizer’s auto-retraining and adaptation feature, which adjusts to changes in weather, demand, supply, price, and device capacity in real-time.
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Complex, Real-Time Decision MakingVeritone’s patented technology performs complex, real-time decision making around forecasting, optimization, and device control, with the ability to handle vast amounts of distributed information while accounting for different variables and constraints.
Forecasts
IRRADIATION FORECAST
Accurately predict the expected output of your PV systems with reliable 1-minute to day-ahead forecasts. Using historical and real-time data, the AI-driven Forecaster accounts for daily radiation fluctuations caused by sunrise and sunset, clouds, and other variables. With the parameter adaptation engine running consistently, facilitating active learning, the forecasts continue to improve on a daily basis, giving you the confidence to reduce reliance on backup generation.
DEMAND FORECAST
The accuracy of power load forecast is vital to power system planning and operations. Using historical load data, forecasted temperature data, and other system parameters, the industry- leading precision of Veritone’s AI-driven Forecaster allows you to make load switching, power generating, and purchasing decisions confidently and quickly, resulting in reduced power generation costs and improved energy efficiency.
PRICE FORECAST
Generate highly accurate energy price forecasts based on both value and risks of predicted power demand. AI-driven models blend together forecasts from different time horizons, using machine learning of real-time data to improve forecast accuracy, and metadata on top of underlying pricing information to maximize speed, giving you an opportunity to make better energy trading decisions.
GENERATION FORECAST
For grid operators, accurate generation forecasting is essential to operational planning, minimizing disruptions and the overall cost of operation. Veritone’s AI-powered Forecaster uses a combination of historical and forecasted weather data, satellite data, and statistical analysis to compute highly accurate estimates of future generation, helping you optimize your daily generation portfolio.
FREQUENCY FORECAST
An accurate and reliable frequency forecast is essential to the stability of the power system as frequency drifts can cause blackouts and equipment failure. Veritone’s AI-driven Forecaster gives you the ability to predict and respond to these events in real time. In combination with Veritone Energy Arbitrage, you have the unique ability to maximize profit by charging your batteries at low grid prices and then discharging them during frequency response events.
BATTERY RUL FORECAST
Conditional asset monitoring is necessary to ensure reliable operation, minimize maintenance costs, and calculate the value of energy storage investments. By applying continuous learning, the algorithm is able to recognize more complex patterns of system data based on experience, allowing operators to reliably and accurately predict maintenance cycles and the remaining useful life of batteries.
ADVENTURES IN AI – THE VERITONE PODCAST
Showcasing technology and stories of how Artificial Intelligence is changing the way businesses operate today and prepare for the future.
What Users Say
Veritone's predictive AI technology brings much-needed optimization and efficiency to the energy grid, helping reduce energy consumption and provide greater stability. Veritone's ability to leverage massive amounts of historical and real-time data to effectively balance energy supply and demand, with automated synchronization of grid assets for maximum reliability, is a real game changer in the energy industry.
The power of Veritone’s cutting edge AI solutions allows utilities to rapidly integrate new sources of energy with the confidence of knowing their infrastructure is optimized for cost, reliability, and longevity.
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