Forecasting
Itron Leads Industry in Energy Forecasting
May 28, 2014
Meeting Highlights Issues and Solutions for ISOs and RTOs
At the start of May, over 20 representatives from 11 different U.S. and Canadian Independent System Operators (ISOs) and Regional Transmission Organizations (RTOs) met to discuss common issues associated with forecasting electricity demand. In its 8th year, the ISO Forecasting Summit has become a vital source of information to these forecasters.
This summit is a unique event that brings together forecasters from various ISOs and RTOs to discuss common forecasting challenges that they face. Each year, the prospective attendees decide topics in advance that they would like to address. Discussion topics typically range from sub-hourly forecasting models and techniques that support generation scheduling and dispatching, to long-term forecasting to support capacity planning.
This year the meeting was hosted by the California ISO at their state-of-the-art facilities in Folsom, California. Presentations and roundtables focused on the effects of economic data on long-term forecasts and investigating the results of incorporating Autoregressive (AR) Terms in models to reduce forecast errors. Attendees often present challenges that are specific to their region– Alberta Electric System Operator’s (AESO) oil sands industry for example, and solicit feedback from peers on alternative modeling techniques and approaches. There were also multiple discussions on the very hot topic of forecasting solar generation and its impact on energy forecasts.
Based on the feedback we receive, it is clear that the result of this annual collaboration is an agreement by the ISOs of what the best practices are in short and long-term forecasting at the ISO level. This meeting is a perfect example of Itron and its customers coming together to learn from one another and offer ideas and solutions. Every year this meeting grows, which is a true testament of its benefit to our customers and the energy industry. This meeting demonstrates Itron’s long standing philosophy of sharing knowledge in our industry.
At the start of May, over 20 representatives from 11 different U.S. and Canadian Independent System Operators (ISOs) and Regional Transmission Organizations (RTOs) met to discuss common issues associated with forecasting electricity demand. In its 8th year, the ISO Forecasting Summit has become a vital source of information to these forecasters.
This summit is a unique event that brings together forecasters from various ISOs and RTOs to discuss common forecasting challenges that they face. Each year, the prospective attendees decide topics in advance that they would like to address. Discussion topics typically range from sub-hourly forecasting models and techniques that support generation scheduling and dispatching, to long-term forecasting to support capacity planning.
This year the meeting was hosted by the California ISO at their state-of-the-art facilities in Folsom, California. Presentations and roundtables focused on the effects of economic data on long-term forecasts and investigating the results of incorporating Autoregressive (AR) Terms in models to reduce forecast errors. Attendees often present challenges that are specific to their region– Alberta Electric System Operator’s (AESO) oil sands industry for example, and solicit feedback from peers on alternative modeling techniques and approaches. There were also multiple discussions on the very hot topic of forecasting solar generation and its impact on energy forecasts.
Based on the feedback we receive, it is clear that the result of this annual collaboration is an agreement by the ISOs of what the best practices are in short and long-term forecasting at the ISO level. This meeting is a perfect example of Itron and its customers coming together to learn from one another and offer ideas and solutions. Every year this meeting grows, which is a true testament of its benefit to our customers and the energy industry. This meeting demonstrates Itron’s long standing philosophy of sharing knowledge in our industry.