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⚡ Expert Forecasting for Energy Companies

My Climate Journey

Photo by Matthew Henry / Unsplash

Table of Contents

Host: Cody Simms
Guest: Titiaan Palazzi | Co-Founder & COO | Myst
Category: ⚡ Renewable Energy | Energy Forecasting

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Podcast’s Essential Bites:

[5:25] “One of the things I could witness […] was how different players in the energy transition were dealing with increasing amounts of renewables on the grid. […] We could see how they were struggling to understand, should we place batteries here or there in our grid? And how do we run this thing, if we now suddenly have all this variable, renewable energy generation? So I saw, if we are going to go to a carbon free power system, there are certain blockers that need to be removed. And this specific one around making sure the whole grid works in a reliable, carbon free and low cost manner was one where I thought technology was a particularly good fit.”

[7:48] “What we do at Myst is we help […] all kinds of energy companies, so renewable power generators, load serving entities like utilities, but also distributed energy resource company, so maybe EV charging companies or companies that install behind the meter batteries, create highly accurate short term forecasts that they use to operate wherever they operate, to manage their electricity demand, or to make sure that their solar and wind assets are earning the revenue that they committed to their investors, or to make sure that a building minimizes its energy costs.”

[12:49] “A lot of [the forecasting] is enabled by AI, cloud based infrastructure, etc. But a lot of it also comes from the demand side. So 10-20 years ago, you could probably be okay, by taking similar day values, or even just using averages, like what we did yesterday is probably fine today. But that no longer cuts it. And so often, the status quo is an Excel spreadsheet, where you take the average over the last few months. And changes such as more EV adoption, are either put in by hand or are not incorporated at all.

[18:33] “The vision we see for the company is that we are a layer in the tech stack […]. So any company operating in electricity markets in the next 10 years, needs to have predictive power. And we can offer that to them. Very much like a company might use Stripe or Shopify to enable their online payments or store. And that generic technology approach allows us to unblock parts of the things that need to be in place for the energy transition to happen.”

[21:03] “Where we are now is that we have about 1,000 gigawatts of solar and wind installed globally, roughly, for each. And we need to get to 5,000 of each by 2030, according to […] IPCC. So that's 5X growth in seven years. And so anything that can be done to make those big, more investments flow there, but also honestly, to unblock scaling of the renewable asset developers and owners, is critical. It's where IPCC says 75% of the emission reduction in the next eight years is going to come from new solar and new wind.”

[32:01] “The change we see in electricity is a tremendous opportunity. Already, today, there is about $1 trillion spent globally on electricity yearly, about 1% percent of global GDP. And it's only going to be more.

Rating: ⚡⚡⚡

🎙️ Full Episode: Apple | Spotify | Google (Original Title: "Startup Series: Myst")
🕰️ 35 min | 🗓️ 06/30/2022
✅ Time saved: 33 min

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