Ocean Protocol's new Data Challengeš§
@Ocean Protocol has launched a new Challenge called PowerCast: The Electricity Price Forecasting Challenge.
This is an exciting competition that aims to create highly accurate and practically applicable electricity price forecasting models.
These models will be used in a commercial decentralised application (dApp) for energy traders, industrial consumers and grid operators.
Participants will work with real electricity market data, analyse it, build predictive models and present their findings in a structured report.
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What is this event about?
The competition is about predicting electricity prices, which are constantly changing due to fluctuations in demand, supply and market dynamics. Accurate forecasts help traders, consumers and grid operators to optimise their operations, manage risk and improve market efficiency. Participants will develop models that predict next-day or intraday prices, identify market trends and assess volatility.
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What will participants do?
Participants will have access to real data from the German SMARD platform, including information on electricity generation, consumption, balancing reserves and cross-border flows. Using machine learning and statistical modelling techniques, they will have to:
āŖļø Build models to forecast electricity prices;
āŖļø Identify key market trends;
āŖļø Assess price volatility;
āŖļø Prepare a structured report describing the approach, results and business conclusions;
The final report should not only demonstrate accurate forecasts, but also provide useful insights into price volatility, risk levels and market behaviour in Germany.
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What are the prizes?
The total prize pool is $10,000, which will be distributed among the top 10 participants. In addition, participants will be able to earn up to 100 points that will go towards the 2025 championship.