News DeskZurich, Switzerland – Hitachi Energy has introduced a cutting-edge artificial intelligence (AI)-powered energy forecasting solution, Nostradamus AI. Leveraging 30 years of extensive energy market data, this innovative tool provides utilities, power system operators, energy producers, and traders with highly precise forecasts for common energy-specific use cases.
Nostradamus AI is one of the first AI forecasting solutions purpose-built for the energy industry, delivering forecasts estimated to be over 20 percent more accurate than industry targets. The solution optimizes energy investments, trading strategies, and revenue opportunities, streamlines operational efficiencies and resource planning, and ensures transparency for regulatory compliance.
Revolutionizing Energy Forecasting with AI
Developed with Hitachi Energy’s deep industry expertise, Nostradamus AI processes large, disparate data sets to significantly increase forecast accuracy, a critical move for managing energy markets and the grid during the energy transition. According to Massimo Danieli, Managing Director of Grid Automation at Hitachi Energy, “Advanced forecasting is integral to effectively manage a company’s energy portfolio strategy, allowing operators and analysts to make informed decisions quickly.”
AI Tool Engineered for the Energy Industry
Nostradamus AI combines grid-performance data, market forecasts, and advanced asset monitoring underpinned by machine learning. This configurable, predictive analytics tool empowers investors, operators, developers, and traders to generate accurate, customized energy-specific forecasts for system load, wind generation, solar generation, market pricing, and more.
Cloud-Native and Scalable Solution
Hitachi Energy’s Nostradamus AI is a cloud-native solution that can scale from a single forecast to more than 100,000 forecasts. It supports several high-performing AI models and integrates easily with users’ systems. Maryam Akram, research principal at Chartis Research, praised the solution for its extensive forecasting tools and application design.
Bridging the Gap in Forecasting Capabilities
Andy Howell, Global Head of Enterprise Software Solutions at Hitachi Energy, highlighted the importance of AI in the power sector, stating, “Embracing AI in the power sector is not just a choice; it is an imperative.” Nostradamus AI addresses the limitations of outdated forecasting models, providing a relevant alternative with the ability to analyze massive data sets generated across an evolving power grid.
Versatile Integration
While available as a standalone solution, Nostradamus AI’s forecasting engine can also be integrated into a range of Hitachi Energy’s digital solutions, including its Grid Edge Solutions and grid and generation management (Network Manager) solutions.
