May 08, 2015 // Franchising.com // ANDOVER, Mass. – WSI, the professional division of The Weather Company, has announced the integration of a Load Forecasts into WSI Trader, providing decision support to energy traders based on the industry’s most advanced weather science. The product will initially support the Pennsylvania-New Jersey-Maryland Interconnection (PJM), the world’s largest competitive wholesale electricity market. WSI Trader Load Forecasts provides traders with load forecasts updated hourly based on the company’s industry-leading proprietary weather forecasting technology, which provides 4km spatial resolution around the globe.
“Energy trading is highly competitive and weather is the key factor in load forecasts,” said Mark D. Miller, senior vice president, decision support, WSI. “Superior weather forecasting provides market traders with a significant edge. WSI is the first company to combine both weather forecasting and data science disciplines to fundamentally improve load forecasts.”
In tests conducted by the company over a 12-month period, WSI’s Load Forecasts significantly outperformed PJM-issued forecasts, especially over the first 18 hours of the forecast. WSI also performed equal or superior to PJM forecasts over longer forecast horizons as well, based on data available in the PJM archives.
To add load forecasts to WSI Trader, the company’s data scientists designed self-learning neural networks to transform weather data into accurate load forecasts in all three sub-regions and 20 zones in the PJM region. The especially high accuracy for bal-day and next-day forecasts is the result of a forward-correction algorithm designed by WSI scientists that continually feeds the latest weather and load data into the model to adjust forecasts dynamically. Also significant are the product’s proprietary algorithms for forecasting load on holidays as each holiday has a unique load profile that is now accurately captured.
WSI Trader Load Forecasts is available now within WSI Trader, the company’s industry-leading end-user application that provides point-and-click user-friendly visualization of a wide range of weather and energy demand data and forecasts from the bal-day period all the way out to four months. WSI plans to offer additional markets later this year. To see a demo of WSI Trader with PJM Load Forecasts or to request a free trial, contact WSI.
Weather Means Business™. WSI is the world's leading provider of weather-driven business solutions that enable enterprises to make better decisions using the most accurate and precise weather data available. WSI serves some of the world's biggest brands in the aviation, energy, insurance, and media markets, as well as federal and state government agencies. We are proud to be a part of The Weather Company, which focuses entirely on the weather, delivering billions of discrete forecasts per day around the world, through a media portfolio that includes The Weather Channel®, weather.com®, WSI and Weather Underground. Learn more at www.wsi.com.