Monetise short term flexibility in generation or demand with the most accurate publicly available SIP forecasts.
VuePoint Solutions has developed a model to predict the Single Imbalance Price (SIP) in the UK.
The VuePoint SIP Forecasting Model produces forecasts for each Settlement Period from 5 minutes after Gate Closure. The forecasts are refined and updated up to the end of each Settlement Period. As well as a base case the model produces a high and low case SIP prediction.
The results are presented in graphical and tabular form which can be customised to suit a user’s needs. The data can also be made available via our API, facilitating automated real time integration into in-house systems.
A little more detail….
Mike Coulten, Senior Business Analyst at VuePoint Solutions said: “This model complements and extends our established VuePoint live SIP calculation which accurately calculates the SIP on the basis of all actual transmission system balancing actions taken and reported by the System Operator so far. The Live SIP calculation runs for every reported balancing action between Gate Closure and 20 minute after Settlement Period end when all non BM actions (BSAD) are finally reported.”
“The SIP Forecast model extends this live SIP calculation by predicting the NIV and the resulting actions the System Operator could take to balance the system. The model is complex and has a number of components. For example, it includes the NIV forecast model which applies machine learning Artificial Intelligence techniques to identify typical balancing action profiles and then which typical balancing action profile we are on in any Settlement Period. Another component is its unplanned outage model which detects outages by monitoring and interpreting deviations from FPN and predicts possible unplanned outages from analysis of the historic outage performance of each BMU. The outage results are one part of the generation of high and low case out turns.”
The VuePoint SIP Forecasting Model can be licensed either as a standalone service or as an additional module of Market VuePoint, the market leading energy trading decision support service.
Get in touch
For more information about this revolutionary service please contact us via email firstname.lastname@example.org or call 01264 345 940.
About VuePoint Solutions
VuePoint Solutions is an energy sector specialist software and services provider based in Andover, UK.
As well as our market leading Power and Gas market decision support service, Market VuePoint, we provide Energy Risk VuePoint which is used by Suppliers, Energy Consultants and Major Energy Users to administer their own and their customers’ energy management and procurement. We also support our customers with specialist data modelling capabilities, such as our unique Triad and SIP Forecasting services.
For more information on how VuePoint can assist your business please visit www.vpsl.co.uk