The project focuses on the development of a forecasting model for load peaks to respond to varying loads on the electricity grid. The model is based on data science and artificial intelligence and is used to assess and predict load on the distribution system in Vík í Mýrdal, where usage can fluctuate significantly on short notice.

Large Conference

The presenters were Óli Páll Geirsson, on behalf of Smart Data, and Kári Hreinsson and Andri V. Kristmannsson, on behalf of RARIK, who presented results from the companies' collaborative project to a full room of international experts at CIRED. The conference is held every other year and took place for the 28th time this year. Over 2,650 people from 72 countries attended the conference, with 1,022 papers presented and 129 companies showcasing their products and services. This time CIRED was held in the magnificent Palexpo exhibition hall in Geneva, Switzerland.

Important Step for the Future

,,At CIRED, executives from electricity distribution companies, scientists, consultants, and technology companies come together to discuss challenges and opportunities in future electricity systems, such as energy transition, digital grid management, and sustainability. This immense attendance is a testament to the global significance of the conference and the well-executed knowledge sharing that takes place there. If I may be grandiloquent, this exciting collaboration between Smart Data and RARIK is an important step towards further utilization of data, deeper analysis, and the development of new solutions for future energy systems,” says Óli Páll.

Historical Data and External Variables

,,To increase the accuracy of forecasts, the model relies not only on historical data regarding electricity consumption but also on external variables such as weather, traffic, the number of tourists, and events in the area. With accurate forecasting of load peaks, RARIK can respond in a timely manner with appropriate measures, balance the load, and thus ensure stability and delivery reliability in the area,” he adds.

Practical Results

The project delivered clear and practical results that have real value for the operation of electricity distribution systems. It demonstrated how the forecasting model can strengthen the operation of distribution utilities and reduce the risk of failures with reliable forecasts. Óli Páll states that the participation of Smart Data and RARIK in international conferences of this kind increases visibility and trust, while also creating valuable connections and new collaboration opportunities.

Positive Reactions

The presentation marked, according to Óli Páll, an important milestone, as it sparked significant interest among professionals and experts at the conference. ,,Vibrant discussions, numerous questions, and interest afterwards indicated that the project hit the mark and it is pleasing to report that attendees considered our methodology reliable, efficient, and what lies ahead in the near future. The atmosphere was extremely positive and it was clear that the discussion will continue,” says Óli Páll.

IMAGE CAPTION
A snapshot of the Icelandic delegation at the CIRED conference.