EV charging can cause havoc with traditional electricity forecasting.
A typical EV consumes as much electricity as an average house. With EV purchases growing, this brings a large strategic opportunity for electricity supply companies to attract and retain these prime customers and drive long-term growth.
But whilst the requirements of a house are straight-forward to predict with 97%+ accuracy, EV charging requirements are inherently hard to predict - traditional methods only achieve around 60% accuracy.
When combining increased EV customers, increased volume and reduced accuracy with the growing pricing volatility caused by renewables the result is increased trading risk, leading to increased hedging costs. So whilst EVs will provide growth, if forecast accuracy is not significantly improved then this growth can lower profitability.
Our Forecasting platform is the leading cloud-based solution for forecasting EV charging demands. Our platform combines data from your existing systems – including any data from your Smart Charging platform or other apps - with our in-house developed datasets, vehicle telematics and wall-box telematics. Forecast from real-time to year-ahead and everything in between.
Our Forecasting platform ensures you can forecast the charging demand of your EV customers with maximum accuracy. This not only reduces risk and reduces hedging costs, but also brings the opportunity to significantly increase trade profitability beyond what it is today. This increased profit can be retained to ensure long-term stability or invested in customer acquisition to drive further EV growth.
We use diverse data sources, advanced analytics, battery science and a comprehensive understanding of EV charging to overcome the unpredictability of consumer behaviour and maximise forecast accuracy.
Our advanced analytics includes cutting-edge algorithmic and machine learning forecasting techniques. Our comprehensive understanding of EV charging and battery science is guided by the latest published research.
If you would like to find out more - get in touch and schedule an overview webinar.
All Smart Charging platforms need a basic level of forecasting. Why distract your team and re-invent the wheel? By using our cloud-based API’s you can differentiate from your competitors and achieve a higher quality output at a lower cost than managing this in-house.
Our Forecasting platform allows DSOs and DNOs to have an accurate, real-time forecast of future EV charging demand right down to an individual EV and its local transformer. This improves decision making, reduces costs and helps ensure all EV customers get the charge they need without overloading the network.
Our Forecasting platform allows TSOs and ESOs to have an accurate, real-time forecast of future EV charging demand for every part of the grid. This improves decision making, reduces wasted generation and helps ensure all EV customers get the charge they need without oversupply or overloading.
Charge Point Operators (public and private including Fleet) increasingly have sufficient electricity consumption to negotiate favourable terms with their electricity suppliers. Being able to guarantee an accurate forecast ensures the best deal possible and maximises profits.
As the number of EVs on the road grows, so does the impact of EVs on electricity trading markets. 1 million EVs will require 15-20 tWh of charge - every day. Having a more accurate forecast of EV demand leads to more profitable trading.
EVs will soon become the dominant variable factor in electricity generation. Having a more accurate forecast ensures generation capacity is delivered at the most profitable times. This also enables PPAs to be built around EV-specific volumes.