1 October 2019
LCP’s energy analytics team has launched an innovative platform that brings together data from across the GB energy market to allow power traders and analysts to better analyse data. The new AI (Artificial Intelligence) tool 'Enact’ has been developed in response to the data explosion in the energy market. This is as a result of increasing complexity in the sector as the amount of individual generation units producing power increases and new smart technology is developed and installed.
The tool allows short term power traders holistic insight into the intraday and balancing markets. They can use the tool to scrutinise market data, compare specific metrics to historical events and run queries. Analysts can identify longer term trends while managers can track portfolio performance against the market. The data is combined with LCP’s forecasts creating a one-stop shop for participants in the power market.
LCP have taken a novel approach to analysing the market, forecasting demand, wind generation and Net Imbalance Value (NIV) from the ground up. The tool is based on analysis of the key factors that can drive market imbalance and arrives at a live view of these metrics which are all forecast 6 hours in advance.
Kyle Martin, Head of Market Insight at LCP, commented: “With the power market becoming more complex, more competitive and more real-time, it’s crucial that traders have the most accurate information available to them. This will enable them to trade more effectively and better manage risk.”
Rajiv Gogna, Energy Product Development Lead at LCP said: “One of the most innovative elements of the Enact platform is its use of neural networks. This type of cutting-edge AI has shown state-of-the-art results recently as a result of the huge increase in computational power available. The energy market is ripe for these techniques, with the huge amount of data to crunch through, and complex relationships to learn.”