Beyond MAE: How to measure the capture potential of BESS

MAE correlates poorly with BESS revenue capture.

In this webinar, we explain why, and what to use instead.

FlexUp and Electricity Maps teamed up for a joint study on day-ahead capture rates across European bidding zones, using Electricity Maps’ pricing and fundamentals for forecasts as inputs to a BESS dispatch optimizer. The most interesting finding came from examining how standard error metrics failed to predict revenue performance, and what actually does. 

If you are evaluating forecast providers for BESS projects, building internal benchmarks, or optimizing dispatch strategy on the day-ahead market, this session is for you. 

You’ll leave with:

• A clear understanding of why MAE misleads in BESS contexts
• An introduction to CastValue, FlexUp’s open methodology for revenue-based forecast evaluation
• A framework for comparing forecast providers on what actually matters

The webinar will be co-hosted by Erwin Spolders, Co-founder and Quant Analyst at FlexUp, and Julien Lavalley, Product Specialist at Electricity Maps. 

FlexUp

A team of renewable energy veterans specializing in stochastic modelling of flex assets, BESS development, and asset management. They maintain CastValue, an open repository for transparent benchmarking of forecast providers.

Electricity Maps 

We have spent the last decade building the world's most comprehensive electricity data platform. Recently, we've been focused on the performance of our forecasting engine for the power markets, working with traders and BESS projects as a supplier of pricing and fundamentals forecasts.

Agenda

• Introducing CastValue: methodology, repository, and examples
• Alternative metrics for BESS projects
• Q&A session

We look forward to telling you everything we’ve learned so far on the 18th of June, at 13:00 GMT+2!