The 2022 Future Bridge conference ‘The Power Price Forecasting Summit” was held this summer in Barcelona, Spain. The two-day event took place between the 9th-10th of June, with both days containing relevant presentations, Q&A sessions, and networking activities with the energy industry giants.
The conference was dedicated to the future of price development in the energy sector, particularly short-term and long-term fiscal forecasting, price modelling, and electricity price analysis. The topic of the conference is especially relevant, as the Account Director for the Energy Exemplar pointed out, “We live in this very uncertain period and looking at the price projection, both in the short-term and the long-term plays a very important role in terms of where our prices are going. And what is the knock-on effect on the valuation of our assets or the appetite to invest.” Participants attended presentations prepared by key specialists in the sector, ranging from financial and risk analysts to electricity transmission and distribution system operators with the goal to learn more about electricity price forecasting techniques.
Leading experts from 16 prominent energy trading companies attended ‘The Power Price Forecasting Summit.” The event was sponsored by Energy Exemplar, EnAppSys Ltd, KYOS Energy Analytics, and DNV. The summit also had two presenting partners: Volue and Nord Pool. “It’s always good to hear from people who are at the top of the industry,” stated the delegate from Interenergo. The other companies that attended the event included National Grid, EDP, PZEM, EDF Innovation Lab, EDF Innovation Lab, Vattenfall, Fortum, Edison SpA, Enel Group, and ENI. ‘The Power Price Forecasting Summit” allowed professionals from energy trading businesses to network and discuss pressing issues during the “Coffee & Networking” segments of the event. The Head of FiME Lab (Finance for Energy Market Research Centre) noted, “The most information we get is during the discussions with different people. The business networking aspect of this conference is what’s the most important for me.”
The summit focused on four main topics: power market outlook, long-term forecasting models, short-term price forecasting, as well as strategies and models to employ in order to increase forecasting accuracy.
- On the first day of the conference participants gained insights into drivers for the spot price, forecasting strategies, derived merit order curves methodology, interconnectors, the path to net zero emissions, green energy, renewable power risk management, multi-layer approach, short-term power price forecasting, as well as market trends and changes.
- During the second day, the speakers discussed the representation of intraday electricity markets in long-term scenarios, energy market modelling requirements, short-term fundamental price forecasting, marked Hawkes processes, the limits of long-term power price forecasting, deep learning approaches in energy forecasting, as well as the electrification and consumer behaviors impact on hourly profiles.
“The major topic is the future of price development. This was covered from various angles, from the technical point of view, microeconomics, and through thinking of various approaches to price forecasts from various players in the market,” said the Interenergo delegate.
“The Power Price Forecasting Summit” took place offline, which was another highlight for the participants. One of the delegates noted, “I think I’m not the only one saying that everybody was waiting eagerly, waiting to meet again in-person, as live events have much more added value compared to the online events.” Power industry experts that attended the event were pleased with the conference, as Account Director for the Energy Exemplar said, “I have to say both the organizers and the organization were excellent; the facilities were excellent. Everything was really good. I really enjoyed it.”