Method and system for predicting solar energy production

• US 8,527,398 B2
• Filed: 09/14/2012
• Issued: 09/03/2013
• Est. Priority Date: 08/20/2003
• Status: Active Grant

• Current Assignee: NEO Virtus Engineering Incorporated
• Original Assignee: NEO Virtus Engineering Incorporated
• Inventors: Bing, James M.
• Primary Examiner(s): Vezeris, James A
• Application Number:
  US13/619,627
• Publication Number:
  US 20130013486A1
• Time in Patent Office: 354 Days
• Field of Search: 703/3, 705/37, 705/36.R, 705/35
• US Class Current: 705/37
• CPC Class Codes: G01W 1/10 Devices for predicting weather conditions computers per se G06; display devices G09
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: H02J 3/003 Load forecast, e.g. methods or systems for forecasting future load demand
• CPC Class Codes: H02J 3/004 Generation forecast, e.g. methods or systems for forecasting future energy generation
• CPC Class Codes: H02J 3/008 involving trading of energy or energy transmission rights
• CPC Class Codes: Y04S 10/50 Systems or methods supporting the power network operation or management, involving a certain degree of interaction with the load-side end user applications
• CPC Class Codes: Y04S 50/10 Energy trading, including energy flowing from end-user application to grid

Abstract

A method for hedging energy sales or purchases in a short-term future or day-ahead market includes determining an historical performance of a regional net energy forecasting methodology for a facility or facilities which have solar energy generating systems in a geographical region. The method further includes estimating a difference between the maximum cost of energy in a spot market and an energy trader'"'"'s minimum price of energy for each hour bid in the short-term future or day-ahead market, determining a risk factor associated with energy sales or purchases from the historical performance and the estimated difference, and purchasing or selling options to buy energy at the previous day'"'"'s day-ahead market price based on the determined risk factor.

Claims

1. A method for hedging energy sales or purchases in a a short-term future or day-ahead market against shortfalls in a spot market, comprising:

determining on a computer processor an historical accuracy of a regional net energy forecasting methodology for a facility or facilities which have solar energy generating systems in a geographical region;

estimating a difference between the maximum cost of energy in a future spot market and an energy trader'"'"'s price of energy for each hour during a current day-ahead market;

determining a risk factor associated with energy sales and purchases from the determined historical performance and the estimated difference between the maximum cost of energy and the energy trader'"'"'s price of energy; and

purchasing options to buy or sell energy based on the determined risk.

2. A method for hedging energy sales or purchases in a short-term future or day-ahead market, the method comprising:

determining on a computer processor an historical accuracy of a regional net energy forecasting methodology for a facility or facilities which have solar energy generating systems in a geographical region;

estimating a difference between the maximum cost of energy in a spot market and an energy trader'"'"'s minimum price of energy for each hour bid in the short-term future or day-ahead market;

determining a risk factor associated with energy sales or purchases from the determined historical performance and the estimated difference; and

purchasing or selling options to buy energy at the previous day'"'"'s day-ahead market price based on the determined risk factor.