Veritone's Energy Demand Forecaster Outperforms Cal ISO by 31% in November

Veritone, Inc., creator of aiWARE, a hyper-expansive enterprise AI platform, announced this week (Jan 24) that its day-ahead market (DAM) energy forecaster outperformed the California Independent System Operator (CAISO) in November of 2021. Using CAISO's OASIS market data, Veritone posted mean and median absolute percentage error rates that were 30% better than CAISO's demand forecast for the same period. 

Veritone notes that the company's Energy Forecaster successfully demonstrates the superiority of its AI-modeling accuracy for DAM forecasts, which over time can result in millions of dollars in savings for energy market participants, including consumers. Equally important, such increased accuracy can play a significant role in improving the overall reliability and resilience of the energy grid. 

"We are extremely proud of this achievement," said Sean McEvoy, senior vice president of Energy at Veritone. "With today's energy markets being dynamic and increasingly more difficult to predict, even the slightest marginal increase in accuracy is significant for the industry. In this case, our DAM forecaster performed significantly better than CAISO, which manages the flow of electricity for roughly 80% of California and a small part of Nevada. Thanks to our advanced AI-powered suite of energy forecasters and our world-class data science teams, we're moving closer to our goal to realize 100% accuracy. Each incremental gain along the way brings tremendous benefits to the energy grid, market participants and consumers alike."

Using historical load data, weather data and other system parameters, the Veritone notes that its Energy Forecaster produces highly accurate energy demand and price forecasts via a reinforcement learning approach that continuously adapts and auto-retrains for time-series forecasts. By removing complexity and uncertainty around energy forecasting when a high number of possible constraints are present, utility companies, independent power producers and microgrid developers can streamline their planning and operations as they transition to clean energy. 

"For years, CAISO has been the mainstay for forecasting in the energy market, setting policies that ensure open access to participants and a transparent, competitive market for energy," said Veritone President Ryan Steelberg. "Like all industries, AI has the potential to improve existing processes or introduce completely new models. Veritone is taking an active role with the energy industry to help make the transition to sustainable clean energy. That's why we designed Veritone's forecasting solution to be system and hardware-agnostic. By offering a variety of solutions including on-premise, hosted, or as a service, we give our energy customers the ultimate flexibility without sacrificing performance. It's a win-win for everyone."

For more information, visit https://www.veritone.com/applications/forecaster/.

_{Source: Veritone}

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