The Andhra Pradesh energy department is planning to develop four more ‘day-ahead forecast models’ for wind and solar energy, market forecast, dispatch model, and frequency forecast. The dispatch model will specify how much electricity should be distributed every 15 minutes the following day from each generating station, including the thermal, solar, wind, and gas plants.
As the electric utility sector has metamorphosed into a short-term renewable dominant market economy, energy price forecasting has gained more significance globally. A generator can create a bidding strategy to increase its profit if it has an accurate forecast of the prices.
The department has recently deployed the day-ahead electricity forecasting model by using artificial intelligence and machine learning. This has been launched to forecast the next day’s electricity consumption (in units). This would enable the department to take the right decisions on power demand and supply and management of the grid, which will help minimise power purchase costs.
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