Client: European project financed by the FP7 programme
Year: 2013 - 2017
Place: Spain, Portugal, Germany
Project name: WEAM4i – Water & Energy Advanced Management for irrigation.
Brief description: European project aimed at optimising energy expenditure from irrigation activities in the agricultural sector. To this end, the WEAM4i project developed a price prediction tool for the wholesale electricity market in order to adapt the demand for growing water to the cheapest electricity hours and thus reduce energy costs.
The variables considered in the study included the availability for generation of the different technologies, weather forecasts, generation, demand and derivatives markets. As a result, the hourly electricity matching price was estimated using an algorithm designed by Creara that took into account the variables analysed.
This algorithm is updated daily as input variables change.
Results achieved: Module for predicting hourly electricity prices over 5 days, with a relative error of less than 10%.