What is iPool?
iPool is an energy forecasting software developed by iEnergy Australia, established in 1997. The iPool Software is being used by major energy market participants in the Philippines.
iPool uses stochastic simulation to model the energy market. It uses accurate Market Bid-Based dispatch optimization and has Intelligent Bid Behaviour Modelling that responds dynamically to changing market conditions using Fuzzy Inference System technology. It accurately forecasts the Wholesale Electricity Spot Market Price by accommodating for uncertain demand variables, plant failures, renewable energy generation and transmission constraints.
Why do we use a Probabilistic Model?
Probabilistic, or Stochastic price forecasting, allows the assessment of the impact of dynamic assumptions, as compared to a deterministic approach, where a single result is obtained. Therefore, the range of price forecast results can be used to quantify the commercial uncertainty and determine the Value-at-Risk of a company’s portfolio.
Our methodology generates a sufficiently high number of random forecasts from dynamic assumptions. With this, we are confident that we have captured majority of the uncertainties in the market.