Simulation Ready Data
Simulation Ready Data: Building a Future View
We understand that every decision you make needs to be supported by simulation ready data. Each decision, each transaction affects the future performance of your business, and you need to be sure that the forecast you are using to base your decisions on is internally consistent, justifiable, and understood by the business. It also needs to be robust enough to enable you to build credible scenarios of the future for a full analysis of potential upside and downside risks and returns.
Data comes from many different sources, with many different agendas and definitions. Take electricity load – sounds pretty simple as a concept, but in reality data collection is incredibly challenging. Do you mean day ahead forecast load (which is often used to set market prices), or load in the balancing market, or load used to settle transactions ex post; do you mean before or after adjustments for grid losses, power station own use, embedded generation, daylight saving, timezone…the list goes on, and on.
Building a future view is not just about collating together individual pieces of data and running them through a forecasting model. It is about creating a dataset that tells a story, which takes the best information available, ensures it is all internally consistent and works together, and turns it into a believable view of the future, calibrated against reality and fully transparent in its assumptions.
Why ABB Energy Portfolio Management
ABB has invested over 15 years in building such datasets – market intelligence that is “simulation ready”. We avoid our clients having to spend frustrating hours and hours trying to figure out which data definitions they want to use, we have already done the work for them – collecting the data, checking the data definitions, cleaning it, and, most importantly, run it through our models to ensure we have a credible basecase future, or reference case, view. That means our clients can focus on the important things – analyzing the impact of their future decisions.