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Predicting Electricity Consumption AI System Saves Thousands of Dollars
Predicting Electricity Consumption There's a new feature on ELP entitled New Zonal Demand Forecast for Central Maine Power Shaves Thousands of Dollars Off Large Electricity Users' Bills. Essentially, a forecasting tool based on Artificial Intelligence has been devised in order to predict the consumption of energy by users. They can know the quantity of electricity was consumed during peak hours, and how much it's going to cost. The technology is based on a huge Neural Network, which gets trained as it goes along. As you may expect, there are many challenges here, such as scalability, efficiency, problems with online learning (new training examples available every day). It can achieve over 97% accuracy! It remains to be seen if it can admit that it knows nothing about certain situations (using some sort of novelty detection). This reminds me of a slightly older thread about a similar topic: Energy Demand Forecasting with AI. | Alex J. Champandard 934 posts. Thursday 07 February, 07:24 Reply