HOUSTON, Oct. 10, 2019 /PRNewswire/ -- Innowatts, an innovative leader in advanced energy analytics, today announced that load and demand forecasts produced by its AI-powered, ML-enabled eUtility™ platform outperformed those of the Electric Reliability Council of Texas (ERCOT) across a range of key metrics in July and August.
During a turbulent period for the notoriously volatile Texas energy market, Innowatts' models outperformed ERCOT's day-ahead forecast on 27 of 32 days, with an average error rate of just 1.5%, compared to more than 2% for ERCOT's forecast.
The result is a clear validation of Innowatts' unique approach. Unlike traditional energy forecasting systems, Innowatts' eUtility™ platform uses machine learning and predictive analytics to leverage historical and real-time data trained from over 23 million meters – the world's largest repository of smart meter analytics – in order to deliver accurate forecasts for energy providers.
"Innowatts has helped our partners achieve an average of 20% MAPE improvement," said Sid Sachdeva, Innowatts' CEO. "Our results this summer, evaluating the entire Texas load served by ERCOT, is testament to our best-in-class consumer and utility-level energy forecasting capabilities, which deliver actionable market insights and real-world cost savings for both retailers and utilities."
The eUtility™ platform performed especially well on Aug. 12 as soaring temperatures pushed Texas energy prices to $9,000 a megawatt hour, delivering day-ahead forecasts accurate to 0.54% – a significant improvement on the 1.72% error rate for ERCOT's forecasts.
"More accurate forecasts during periods of high demand translate into big cost savings for Innowatts' clients,'' says Eric Danziger, Chief Revenue Officer. "When demand soars, so does the cost of forecasting errors," Danziger explains. "We're more accurate than conventional forecasters across the board, and we're especially accurate when it matters most to our clients."
By combining predictive analytics and smart-meter data, Innowatts is transforming utility functions including energy procurement, pricing and rates, energy efficiency, and grid optimization. The Company also recently announced that it was bringing its eUtility™ platform to European and South American markets in addition to its current presence in the United States and Japan.
"We're based in Houston, so the Texas energy market has a special place in our hearts," Danziger says. "But we're delivering efficiencies, just like these, day-in and day-out for our clients in 17 markets and 8 countries."
Innowatts is a leading provider of AMI-enabled predictive analytics and AI-based solutions for utilities, energy retailers and smart energy communities. To date, the Innowatts eUtility™ technology platform has provided nearly 23 million energy consumers and their energy providers with access to lower energy costs and more reliable and personalized energy experience. Innowatts is backed by Energy Impact Partners, Evergy Ventures, Shell Ventures, Iberdrola (Spain) and Energy, Environment Investment (Japan) and Veronorte (Columbia). For more information, please visit www.innowatts.com