The competition’s goal is to create an energy prediction model of prosumers to reduce energy imbalance costs.
Electric switch box fragment – associative photo. Image credit: Markus Spiske via Unsplash, free license
This competition aims to tackle the issue of energy imbalance, where the energy expected to be used doesn’t align with the actual energy used or produced. Prosumers consume and generate energy and contribute a large part of the energy imbalance.
Despite being only a small number of consumers, their unpredictable energy use causes logistical and financial problems for the energy companies.
Overview
The number of prosumers is rapidly increasing, and solving the problems of energy imbalance and their rising costs is vital. If left unaddressed, this could lead to increased operational costs, potential grid instability, and inefficient use of energy resources.
If this problem were effectively solved, it would significantly reduce the imbalance costs, improve the grid’s reliability, and make the integration of prosumers into the energy system more efficient and sustainable.
Moreover, it could potentially incentivize more consumers to become prosumers, knowing that their energy behavior can be adequately managed, thus promoting renewable energy production and use.
Submissions to this Challenge must be received by 11:59 PM UTC, January 31, 2024.
Source: Kaggle