Published: 31 January 2024
Leading utilities are investing in embedded AI-enhanced forecasting to address the needs of diverse market participants. Utility CIOs can use this trend analysis to understand these forecasting techniques to shift from legacy forecasting and improve data-driven decision intelligence.
Conventional forecasting methods use point forecasts and limited scenarios. By transitioning to probabilistic AI-enhanced forecasts that include human behavior and personas, utilities can address the impact of grid edge disruption from renewables, distributed energy resources (DERs) and electric vehicles (EVs).
Real-time measurements can support slashing observability costs but explode the volume of data. Generative AI (GenAI) can help close gaps with synthetic data across scenarios and drive better insights that can inform decisions critical for accurate forecasts.
The ecosystem is democratizing — introducing new participants with different and even conflicting decision criteria. Competing use cases (such as incorporating renewables, flexibility
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