KING OF PRUSSIA, PA–Innotap announced today the launch of a new best in class Day Ahead LMP (DALMP) Forecasting application as part of its suite of Realtime Power Market Intelligence services.
“Two years ago, realizing the dramatic changes coming to the wholesale power market, we decided to invest in the development of innovative predictive analytics solutions to help market participants maintain profitability and manage risk effectively,” said Ron Swartz, Founder and CEO of Innotap. “The recent advances in machine learning technology opens up new opportunities to create and deliver more reliable forecasts with better accuracy.”
Joe Mac Crory, Innotap’s VP Product Management and Business Development said, “I’ve always been skeptical about any energy solution provider who says they can predict the future. But working hand in hand with our analytics team, I now know it’s possible to have good numbers you can use every day to make better calls and appease risk management.”
Key features of the DALMP Forecaster include: precision price forecasts every 30 minutes with confidence factors, alerting on all aspects of the forecasts (including price spreads between locations), high/low price bands based on historical error analysis, historical forecasts preserved for review/replay, and utilizes a dynamic mix of thousands of data elements consisting of fuel prices, realtime load, capacity, transmission constraints, weather, forecast load, price dynamics, outages, etc.
These forecasts are available in an app on Innotap’s platform and can also be delivered as data streamed into Excel spreadsheets or via an easy to use API. The initial launch has models for PJM hubs and zones. Next is ERCOT and CAISO, with other RTOs to follow in 2018.
Mac Crory added, “We welcome inquiries from any interested parties, including wholesale power trading shops, hedge funds, prop shops, utilities, Commercial and Industrial organizations, and any channel partners who want to feed this predictive data into their proprietary solutions.”
George Barnes, 804-221-2800