What to expect in this on-demand recording

In this session, Adam Sroka and Cynthia Grainger share industry insights and actionable next steps for optimising for increased flexible assets.

Session Slides

Overview

What is P415?

Ofgem’s P415 regulation modification is fast approaching, due to go live in November 2024. P415 will change the electricity trading landscape by allowing Virtual Lead Parties (VLPs) to participate directly in the wholesale electricity market, rather than solely through the Balancing Mechanism.

The Impact of P415 Modification

This shift in regulation demonstrates the growing role flexibility has in the GB energy market and creates further opportunities for behind-the-meter solutions. The P415 modification will increase competition, accelerate the number of assets coming online and increase the number of existing assets in participation. Asset data and the forecasting models will need to scale up drastically and the management of this increasing volume of information is complex. Those organisations that can capitalise on the change in regulation will overtake the competition.

The challenges we are seeing in the market:

  • Complexity of managing individual forecasts per BMU.
  • Forecast availability and bidding optimisation across multiple flexible assets.
  • The variety and complexity of different asset types, with the number of home batteries, heat pumps and EVs increasing.
  • Manual input is required to scale energy forecasting models.

Optimise for P415

In this session, we will share industry insights and actionable next steps for optimising for increased flexible assets:

  • A strategic view of the flexible energy landscape.
  • The challenges and opportunities of P415 modification.
  • How to harness Azure machine learning to reduce internal resources and scale forecast modelling.
  • Addressing the machine learning operations skills gap.
We are Hypercube - we help the energy sector unlock the power of cloud, data & AI.

Next Steps

Contact us to arrange an Optimise for P415 Readiness Roadmap workshop to understand your current data estate and readiness for the P415 modification.

The workshop will cover:

  • Review of current data estate
  • Identification of business objectives
  • Actional roadmap to build data solution.
Optimise for P415 Readiness RoadmapListen to the Hypercube Podcast

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