Electricity AI Price Forecasting Software, Solution & Services
QR AI Forecaster offers a wide range of ready-for-use, advanced AI forecasting solutions that are tailored for intraday, 7 days ahead, and long term energy & reserves nodal, LMP and trading hub price forecasting for world ISO/RTOs
Clients’ profile. Generation companies, utilities, electric co-ops and munis, retail marketeers, and transmission entities operating in real-time intraday and day-ahead (5-60 minutes resolution) markets.
Target. Accurate day ahead and intraday, 5 to 60 minutes resolution, nodal, trading hub and LMP energy and reserve price forecasts to support trading decisions.
Implement real-time 24/7 automated, stand-alone and accurate price forecast solutions, as a web cloud solution that can be easily integrated with in-house trading systems, ISOs, weather data services, and internal data sources.
Why QR Price Forecaster Solution
We offer a range of ready-for-use advanced Deep Learning AI and Machine Learning models tailored for intraday, (7) day-ahead, and longer term nodal energy, reserves and ancillary price forecasts.
Forecast resolution are 5-60 minutes, depending on the product and the market. Forecasts computation frequency is configurable, e.g., 5-10 minutes, 24/7 for real-time intraday forecasts, and 9-12 am for day-ahead forecast.
How it works. We fetch all ISO and weather data. We perform price forecasting and publish results via API or manual file download.
Two types of short-term price forecast solutions are offered:
Intraday trading hub, nodal, LMP 5, 15, 30 and 60 minutes energy price forecasts, using as predictors the ISO published hour and day-ahead forecasts, weather, and any relevant supply and demand related data.
Day-ahead (1-7D) trading hub, nodal, LMP energy and reserve price forecasts, using as predictors any relevant ISO published supply and demand data, and weather. These forecasts are computed several a day, e.g., at 9 am and 11 am, 24/7.
AI Price Forecast Case Studies
QR Price Forecaster Benefits & Features
We offer flexible delivery options:
a) AI Forecast Service where our expert team and platform do everything and you receive, via API and electronic means, intraday and 5-DA load forecasts, every 5-10 minutes, 24/7.
b) Software as a Service (SaaS) where we implement QR AI Forecaster on a private cloud of your choosing, or on-site, and you control the data and the AI models.
You pay one single annual subscription fee comprising license, maintenance and upgrade releases.
Our expert (MSc and PhD) data science team configures, fine-tunes and deploys your AI forecast models in record time and helps you maintain and calibrate them in time.
To reduce project risk you can start with a Proof of Concept (POC) or trial period. The fee is scaled to the implementation efforts needed by the POC. Contact us for more details.
QR AI Trading Optimization is seamlessly integrated to use the price forecasts as inputs of various trading optimization models suitable for your operations. Alternatively, the price forecasts can be exported via API to any in-house trading system.
Each forecast can have upper and lower uncertainty bands computed via quantiles or standard deviation.
QR AI Forecaster is a no-coding AI platform that allows users to drag, drop and combine various AI and Machine Learning methods in a user-friendly dashboard to create their own custom forecast models. The AI platform offers:
a) Deep Learning (Long Short Term Memory Networks (LSTM), 1D/2D Convolutional Neural Networks (CNN), Recurrent Neural Networks (RNN), and Gated Recurrent Unit (GRU);
b) Machine Learning models, e.g., XGBoost, ADABoost, Random Forest and Catboost;
c) Single Models: MLP (neural networks), decision tree, SVM and KNN.
To increase price forecast accuracy QR AI Forecaster allows users to control a host of key parameters: date range for model training and forecast horizons, calendars to replace intra-week holidays’ data with nearest Sunday’s data, model splitting (to create multiple models across off/peak periods and week/week end days, model grouping (create multiple regression/forecast models, and have a classifier merge them into the best forecast, internal and external predictors, e.g., weather indicators, demand and supply side data, generation by fuel type including renewables, outages, ISO published hour and day ahead forecasts, data quantization, scaling, gap filling methods, outlier data remediation.
To ensure the highest degree of accuracy and stability, AI model optimization is automated with specialized built-in tool-boxes that considerably lessen the need and workload of data scientists and analysts.
QR Data Manager is seamlessly integrated to provide end-to-end data management (fetching, validation, insertion) for world ISOs & RTOs, multiple weather data services, meter and SCADA data. The methods supported are web-scraping, web services, API, FTP, or manual upload for csv, Excel, XML and Json file formats.