As peak power demand grows faster than overall electricity generation, peak electricity prices are rapidly increasing and becoming more volatile, while straining the power grid's reliability and resiliency. Intermittent generation amplifies these problems by providing uncertain power levels.
At Forecast Energy, we specialize in providing customized demand response (DR) forecasting services to utilities, curtailment service providers (CSPs), and load balancing agencies. As a key component of smart grid applications, our DR technologies help commercial and industrial consumers reduce energy consumption when prices are high or shift usage to periods of lower or negative pricing.
Depending on generation capacity configuration, DR can also be employed to increase demand (electric load) during periods of high production and low demand. This enables systems that take advantage of energy storage to arbitrage between low and high demand periods (or low and high prices).
Electrical generation and transmission systems are designed to accommodate base loads and to work with peak demand (including margins for forecasting error and unforeseen events). However, the addition of intermittent generation sources, combined with new storage technologies including plug-in electric vehicles, makes grid management even more challenging.
In this zero-net world, real-time load forecasting is critical in addressing this imbalance. It allows utilities, CSPs, and load-balancing agencies to automate electricity flow based on demand, thus identifying and isolating load problems. From a single room to entire communities, Forecast Energy's load forecasting solutions can easily scale to meet any project size and type, including load management strategies, energy auditing, ramping rate control, and determining load following requirements.
Please contact us today for more information on how our demand response forecasting can lower peak demand and optimize management, thereby reducing overall plant and capital costs.