Forecasts are becoming increasingly important for success in energy production and energy trading. The ongoing expansion of renewable energies will further strengthen this trend. Forecasts for prices, loads and generation will thus become a decisive competitive factor. At the same time, the number, frequency and complexity of forecasting tasks are increasing. More and more input data and results have to be processed promptly and securely at different points in the company.
A high-quality forecast is indispensable for optimal portfolio management. Customers’ needs regarding heat or gas and the expected volume of power generated from proprietary wind or PV installations must be forecasted. In addition, the price expectations in the various markets must be calculated in advance using suitable methods so as to make the right decisions in the right market channel.
Brief description of BoFiT Forecast
BoFiT Forecast allows you to create forecast models for any application and to implement them in your processes. Forecasts are fully integrated in time series management and in the runtime environment. In addition to simple profile procedures (standard load profiles, temperature-dependent load profiles, user-defined profiles) load profile extrapolation, regression procedures, artificial neural networks and procedures from the SARIMAX family are available.
New forecasts can be created and calibrated with just a few mouse clicks. You are guided securely via a well designed user interface through the process of creating a forecast. You will quickly feel at ease and will be able to create your own forecasts without the need for extensive expert knowledge. Once the relevant input parameters are identified thanks to the analytical methods of BoFiT Forecast, forecast models can readily be configured and calibrated for immediate use. Forecasts are closely linked to time series management and connectors to surrounding systems. Time series that show deviations from the forecast are calculated automatically on request and help you to identify difficult forecast situations and include them in your processes.
BoFiT Forecast offers all functions of the shared ProCom Data Hub, including time series management, connectors to adjacent systems, data transport mechanisms, import and export as well as workflows for process automation.
BoFiT Forecast runs under current Windows operating systems and requires database access. Oracle and PostGreSQL are supported. On the server side, BoFiT Forecast can be distributed among several servers in oder to adapt the installation to individual requirements for computing capacity and performance. BoFiT Forecast can be combined with BoFiT Optimization and ITA in a joint installation.