The Energy Digital Year in Stories: November

January 04, 2025

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Hitachi Energy's Nostradamus AI advances predictability of energy investments forecasting

We look at the articles that made the news across the energy space 2024. Today, it is November’s turn, featuring Hitachi Energy, Iberdrola, TfL and DHL

Hitachi Energy: Nostradamus AI Enhances Energy Forecasting

There are a multitude of benefits to AI.

From automating tasks and reducing risk of error to personalising customer experiences and improving monitoring, AI has revolutionised a multitude of industries.

However, as much as a lot of these applications can be leveraged by and benefit energy and utilities, few — if any at all — are developed with the energy industry in mind.

Hitachi Energy is changing that with its Nostradamus AI tool.

One of the first AI forecasting solutions purpose-built for the energy industry, Nostradamus AI delivers precise energy forecasts, enhancing decision-making.

An advanced artificial intelligence-powered energy forecasting solution, Nostradamus AI is designed to revolutionise the energy industry.

It is available as a standalone solution within Hitachi Energy's Energy Portfolio Management (EPM) suite and can be integrated into other digital solutions, including Grid Edge Solutions and Network Manager systems.

The tool leverages Hitachi Energy’s extensive expertise and 30 years of comprehensive energy market data to provide highly accurate forecasts for utilities, power system operators, energy producers and traders.

So what are the benefits of Nostradamus AI compared to other solutions on the market?

It offers forecasts that are estimated to be more than 20% more accurate than some industry targets, enabling users to optimise energy investments, improve trading strategies, enhance operational efficiencies and ensure regulatory compliance.

As well as this — and in line with the rapidly-evolving state of the energy landscape — renewable energy sources are contributing to grid volatility and increasing electricity demand adding complexity. That’s where Nostradamus AI comes in — it addresses these challenges by processing vast amounts of data to provide reliable predictions.

“AI and machine learning (ML) have changed the world,” Andy Howell, Global Head of Enterprise Software Products at Hitachi Energy says.

“Embracing AI in the power sector is not just a choice; it is an imperative. That’s why it’s critical that organisations have a dedicated tool designed specifically for analysing the massive amount of data generated across an evolving power grid.

“Hitachi Energy is leading this effort, relying on our decades of sector and data science experience to architect an energy industry AI solution that provides a relevant alternative to today’s inadequate forecasting options.”

Harriet Alpha Decommissioning Advances Sustainable Energy

The Harriet Alpha platform, once a key fixture offshore Western Australia, is due for decommissioning in a contract awarded to Santos.

McDermott, a prominent entity in engineering and construction within the energy sector, has been selected to manage all engineering, procurement, removal, and disposal (EPRD) activities related to the platform and its affiliated infrastructure.

With the energy industry progressively shifting towards sustainable practices, this contract mirrors a concerted effort to responsibly oversee end-of-life assets in the energy domain.

McDermott is renowned for its pioneering, technologically advanced solutions, aligning seamlessly with Santos' mission to ameliorate environmental impact. Its role transcends infrastructure dismantling but underscores the significance of sustainable procurement.

Sustainable procurement is the practice of making acquisition decisions that ponder the trifecta of environmental, economic and social impacts.

In the case of the Harriet Alpha project, this involves the planned procedures for dismantling, transportation and the disposal of materials.