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Commercial energy supplier BES Utilities has partnered up with Lancaster University to look at new ways of predicting customer demand, in a bid to reduce energy costs for its customers.
The firm wants to develop new forecast systems which will more accurately gauge gas and electricity consumption across the UK. Analysis of this data, along with up-to-the-minute weather factors such as temperature and wind speed, will allow researchers to systematically predict customer demand.
The new data-driven system would enable BES to more accurately buy wholesale power at competitive prices, and the company expects this to lower bills for its 40,000, majority small business, customers.
BES Utilities’ commercial director David Ballantyne said: “We are committed to developing and implementing new systems which enable us to pass on the benefits to our customers.
“The wholesale gas and electricity market fluctuates massively over the course of any given month, week and day due to demand and so forecasting accuracy is crucial to keep costs down for customers.”
BES has already provided more than 70 per cent of their electricity customers with smart meters which will contribute to the more detailed data the company is aiming to access.
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