Electricity trading
Client: Head Trading at a fast growing electricity supply business
Intro: Tilix AI is a boutique data science consultancy that specializes in providing advanced analytics solutions for businesses in various industries. When the Head Trading at a fast growing electricity supply business approached Tilix AI with a request for a root and branch review of recent forecasting performance and a more flexible and visible process for engaging with wholesale counterparties going forwards, Tilix AI was more than ready to take on the challenge.
Challenge: The electricity supply business was facing significant challenges in accurately forecasting demand and supply of electricity, leading to increased costs and reduced profitability. In addition, the process for engaging with wholesale counterparties was inflexible and lacked transparency, making it difficult for the business to build and maintain strong relationships with these key stakeholders.
Action: Tilix AI began by conducting a thorough analysis of the business’s forecasting processes and data, identifying key areas for improvement. They then developed a customized machine learning model to more accurately predict demand and supply, incorporating real-time data from multiple sources and taking into account various factors such as weather patterns and economic conditions.
To address the issue of flexibility and visibility in engaging with wholesale counterparties, Tilix AI implemented a cloud-based platform that allowed for real-time communication and collaboration between the electricity supply business and its counterparts. This platform also provided full transparency into the process, allowing for more informed decision making and improved trust between the parties.
Result: The customized machine learning model developed by Tilix AI significantly improved the accuracy of demand and supply forecasting, resulting in a significant reduction in costs and increased profitability for the electricity supply business. The cloud-based platform also improved communication and collaboration with wholesale counterparties, leading to stronger relationships and increased business opportunities.
Overall, the solution provided by Tilix AI was a resounding success, helping the electricity supply business overcome its challenges and achieve its business goals. The team at Tilix AI were praised for their expertise and dedication to delivering the best possible solution for the client. The Head Trading at the electricity supply business was thrilled with the results and stated that Tilix AI had “truly transformed our business for the better”.