Hitachi Energy has launched a new artificial intelligence (AI)-powered energy forecasting software, Nostradamus AI, which, it says, can generate up to 20% more accurate forecasts than some industry targets. The solution optimizes energy investments, trading strategies, and revenue opportunities, streamlines operational efficiencies and resource planning, and ensures transparency for regulatory compliance.
“Advanced forecasting is integral to effectively manage a company’s energy portfolio strategy, allowing operators and analysts to make informed decisions across their businesses quickly,” said Massimo Danieli, Managing Director, Business Unit Grid Automation for Hitachi Energy. “We’ve applied our extensive energy domain expertise and data science background to create an AI engine that can significantly accelerate the ability of users to make impactful decisions with their energy data, deliver improved profitability across their businesses, and scale as the grid evolves.”
Nostradamus AI is a cloud-based solution that can scale from a single forecast to more than 100,000 forecasts. With users’ future forecasting needs in mind, the AI engine can, for example, generate predictions for the renewable generation of a single wind turbine and solar farm or thousands of different load points.
Nostradamus AI is algorithm-agnostic and supports several of the highest-performing AI models. It is built with a composable architecture, allowing organizations to use their existing application programming interface (API) endpoints to speed and scale development, and is easy to automate and integrate with users’ systems.
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