Energy Company

Developing forecasting model to predict electricity prices and help traders make better decisions resulting in a 25% reduction in deviation compared to previous models in place

Challenge

• Client needs accurate electricity price forecasts for internal trading team
• Goal to improve price forecasting using a fixed train/valid/test reference dataset
• Need for a new probability forecast to be implemented

Solution

• Built backtesting pipeline and test multiple forecasting configurations (multivariate time series)
• Developed forecasting solution which generated probabilistic forecasts with consistent prediction intervals

Business Impact

• Unit8 model significantly improved forecasts compared to previous solutions in place
• Reduced deviation between forecasted and actual prices
• by 25% compared to previous model

Swiss Energy Company

Building a predictive maintenance model to detect abnormal measurements earlier, leading to better maintenance planning and cost reduction

Challenge

• Currently no reliable long-term anomaly detection system
• Slow-shifting anomalies are hard to detect with human surveillance as they can take months
• Goal to have a predictive maintenance system to spot these issues early and plan maintenance more effectively

Solution

• Unit8 built a predictive machine learning model for physical variables of interest (e.g., temperature or vibration)
• Define a threshold for values to be throughout the day and sends automatic alerts if a value differs significantly from model predictions

Business impact

• Engineers able to detect abnormal changes in measurements much earlier
• Maintenance can now be planned effectively
• Shorter stops in electricity production leading to lower costs due to plant shutdown

US energy company

Implementing Foundry workflow automating part of the manual process to facilitate entry and reviewing of gas infrastructure maintenance data

Challenge

• Client needs to provide a report about the monitoring of their gas infrastructure to regulators
• Measurement data about infrastructure exists solely on paper and ML implementation is limited by legal requirement to check data manually

Solution

• Workflow established in Foundry to facilitate the control process of the measurement data

Impact

• Measurement data entry and review process facilitated by Foundry workflow
• Projected reduction in man hours of 30%, representing a saving of 10k man hours in total

German energy trading company

Enabling contract profitability computation and insight at the individual contract level

Challenge

• Little insight on the profitability of at the individual contract level
• Need to extend contract monitoring capabilities and provide individual profitability metrics

Solution

• erformed a standard ETL process in Palantir Foundry to allow profitability computation at individual contract level

Impact

• Enabled monitoring and improved decision-making capabilities for new contracts and contract extensions
• Created basis for reduction of potential losses on trading contracts