Predicting electricity prices week ahead

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TL;DR Me and my brother created a service that predicts electricity prices one week ahead for different areas in Europe. Users can use this to plan their energy intensive activities for cheaper days. It was the winter of 2021 and electricity prices suddenly became very volatile and high in Europe. Many consumers (private and companies) began to optimize their electricity usage to consume more during the cheaper hours and consume less during the most expensive hours. But in Europe consumers could only know tomorrow's electricity price in advance. It was not possible to know the price of electricity further into the future. I started to think that if somehow it were possible to know the price a little further in advance, then surely there are activities that could be planned further in advance. For example: a manufacturing company has a process that consumes a lot of electricity and needs to be carried out once a week. The company originally planned to carry out the process during its regular time on Wednesday. But if the company had knowledge of future prices and saw that Friday would most likely be 3x cheaper than Wednesday, then it would be a big financial win for the company if it carried out the process on Friday instead of Wednesday. Me and my brother decided that lets try to build such a model that can predict electricity prices one week ahead. I have education and experience from energy and machine learning sector and my brother is an IT developer, so our backgrounds were quite suitable for this task. We collected a huge variety of data to train the machine learning model and performed thousands of iterations to find the most optimal model architecture and features. We now have completed the first version of the service. Hope you like it and would be interesting to hear your ideas for use cases or what to add/change!

Visit product View on Hacker NewsJul 12, 2023

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