Internship: Imbalance & Imbalance Price Prediction in the Belgian Electricity Market
Imbalance & imbalance price forecasting
The electricity market requires constant balancing of supply and demand, and imbalances can lead to significant costs and impact grid stability. Mechanisms to support balancing of the Belgian grid include the balancing market, where market participants are either fined or rewarded based on their contribution to (im)balance, and ancillary services, which the grid operator can use to (de)activate certain generators or loads as needed.
Accurate imbalance and imbalance price forecasts are therefore crucial for various market players:
- Suppliers: Managing their portfolio and hedging against price volatility.
- Grid Operators: Ensuring grid stability and efficient resource allocation.
- Traders: Capitalizing on price fluctuations and optimizing trading strategies.
The internship
This internship will focus on developing and evaluating advanced models for predicting both the magnitude of imbalance and the resulting imbalance prices. The project will involve:
Data Collection and Preprocessing: Working with large datasets of historical market data, including generation, consumption, weather data, and imbalance prices. This will involve data cleaning, transformation, and feature engineering.
Model Development: Exploring and implementing various machine learning and statistical models for imbalance and imbalance price prediction. This could include gradient-boosting methods, neural networks, and time series foundation models.
Model Evaluation and Validation: Rigorous testing and validation of the developed models using appropriate metrics and techniques.
Analysis and Interpretation: Analyzing the results, identifying key drivers of imbalance and imbalance prices, and drawing meaningful conclusions.
Collaborate: Collaborate with experienced ML6 team members to define project scope, objectives, and approaches.
Qualifications
- Currently pursuing a Master's degree in Engineering, Computer Science, Mathematics, Statistics, or a related field.
- Strong background in programming (Python) and data analysis.
- Familiarity with machine learning and statistical modeling techniques.
- Excellent analytical and problem-solving skills.
- Strong communication and teamwork skills.
- Knowledge of the energy market is a plus.
- Fluency in English (Dutch or French is a plus).
What We Offer
- Opportunity to work with experienced AI professionals and energy market experts.
- Exposure to state-of-the-art technologies and techniques in the field of AI and energy.
- Valuable insights into the functioning of the Belgian electricity market and its challenges.
- A stimulating and collaborative work environment at ML6.
- Hands-on experience in a challenging and rewarding project at a leading AI company.
We look forward to hearing from you!