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.
Introducing Hitachi Energy’s Nostradamus AI
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.”
And Nostradamus AI’s capabilities don’t stop there.
By combining grid-performance data, market forecasts and advanced asset monitoring with ML techniques, users can integrate their own data and parameters into pre-tuned models to generate customised forecasts for system load, wind and solar generation, market pricing and more.
The solution’s cloud-native architecture allows for easy scaling, from single forecasts to more than 100,000 predictions. It supports multiple high-performing AI models and features a composable architecture for seamless integration with existing systems.
Why is Nostradamus AI so important?
Hitachi Energy says today’s outdated forecasting methods fall short of what the industry needs, calling them limited in functionality and emphasising how they are not tailored for the energy industry.
Nostradamus AI addresses the limitations of these outdated forecasting methods, which often rely on labour-intensive, manual processing and fail to consolidate vast amounts of data effectively.
The solution provides a platform for scale and future growth, bridging the gap between existing AI and forecasting capabilities.
Massimo Danieli, Managing Director of Business Unit Grid Automation for Hitachi Energy, emphasises that 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”.
He says: “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.”
Maryam Akram, Research Principal at Chartis Research adds: “Hitachi Energy’s new solution integrates with customer data through its own AI energy product.
“Moreover, as well as extensive forecasting tools and application design, which support and guide customers’ use of machine learning models — including state-of-the-art techniques — Hitachi Energy’s solution transparently manages each stage of the model lifecycle, combining energy domain expertise with an effective machine learning strategy.”
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