2020
DOI: 10.1002/qj.3863
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Beyond skill scores: exploring sub‐seasonal forecast value through a case‐study of French month‐ahead energy prediction

Abstract: We quantify the value of sub-seasonal forecasts for a real-world prediction problem: the forecasting of French month-ahead energy demand. Using surface temperature as a predictor, we construct a trading strategy and assess the financial value of using meteorological forecasts, based on actual energy demand and price data. We show that forecasts with lead times greater than two weeks can have value for this application, both on their own and in conjunction with shorter-range forecasts, especially during boreal … Show more

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Cited by 15 publications
(9 citation statements)
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“…Although the approach for calculating the model climatology is different from the one used for the ERA‐Interim climatology (using ensemble mean instead of running mean), it allows for a similarly strong smoothing and eliminates (lead‐time‐dependent) model drifts. In this study, we focus on month‐ahead anomalies as a particularly relevant time‐scale for the energy industry (e.g., Dorrington et al ., 2020). In addition, predictability on sub‐seasonal time‐scales is generally higher for temporally and spatially aggregated fields compared to instantaneous fields (e.g., Buizza and Leutbecher, 2015).…”
Section: Methodsmentioning
confidence: 99%
“…Although the approach for calculating the model climatology is different from the one used for the ERA‐Interim climatology (using ensemble mean instead of running mean), it allows for a similarly strong smoothing and eliminates (lead‐time‐dependent) model drifts. In this study, we focus on month‐ahead anomalies as a particularly relevant time‐scale for the energy industry (e.g., Dorrington et al ., 2020). In addition, predictability on sub‐seasonal time‐scales is generally higher for temporally and spatially aggregated fields compared to instantaneous fields (e.g., Buizza and Leutbecher, 2015).…”
Section: Methodsmentioning
confidence: 99%
“…A long-term ambition is to exploit microbarom infrasound datasets to enhance the representation of stratospheric dynamics in atmospheric model products and hence increase the accuracy of both medium-range weather forecasting and sub-seasonal climate modeling (Büeler et al, 2020;Dorrington et al, 2020;Domeisen et al, 2020a, b). In addition to prospective numerical weather prediction improvements, the suggested vespagram-based approach may be applied in multi-technology studies of atmospheric dynamics, for example initiatives building on the Atmospheric dynamics Research InfraStructure in Europe (ARISE) projects (Blanc et al, 2018(Blanc et al, , 2019.…”
Section: 2)mentioning
confidence: 99%
“…This is possibly consistent with the perceived difficulty of extracting predictable signals from extended-range forecasts (Soares and Dessai, 2016). However, recent advances in forecasting have begun to result in skilful longer-range predictions for European demand (De Felice et al, 2015;Clark et al, 2017;Thornton et al, 2019;Dorrington et al, 2020), wind power generation (Lynch et al, 2014;Beerli et al, 2017;Soret et al, 2019;Torralba et al, 2017;Lledó et al, 2019;Bett et al, 2019;Lee et al, 2019), solar power generation (Bett et al, 2019) and hydropower generation (Arnal et al, 2018), which can consequently lead to improvements in awareness, preparedness and decision-making from a user perspective (Goodess et al, 2019).…”
Section: Introductionmentioning
confidence: 99%