Obtaining accurate probabilistic energy forecasts and making effective decisions amid diverse uncertainties are routine challenges in future energy systems. This paper presents the winning solution of team GEB, which ranked 3rd in trading, 4th in forecasting, and 1st among student teams in the IEEE Hybrid Energy Forecasting and Trading Competition 2024 (HEFTCom2024). The solution provides accurate probabilistic forecasts for a wind-solar hybrid system, and achieves substantial trading revenue in the day-ahead electricity market. Key components include: (1) a stacking-based approach combining sister forecasts from various Numerical Weather Predictions (NWPs) to provide wind power forecasts, (2) an online solar post-processing model to address the distribution shift in the online test set caused by increased solar capacity, (3) a probabilistic aggregation method for accurate quantile forecasts of hybrid generation, and (4) a stochastic trading strategy to maximize expected trading revenue considering uncertainties in electricity prices. This paper also explores the potential of end-to-end learning to further enhance the trading revenue by shifting the distribution of forecast errors. Detailed case studies are provided to validate the effectiveness of these proposed methods. Code for all mentioned methods is available for reproduction and further research in both industry and academia.

In April, for the first time in the U.S., renewables generated more electricity than coal, according to the Energy Information Administration.

Solar panels stand at the Ivanpah Solar Electric Generating System in the Mojave Desert near Primm, Nevada in 2014. California and Arizona by far generate the most electricity with solar power in the U.S. The U.S. set a new renewable energy milestone in March, in data released Wednesday. For the first time, wind and solar accounted for 10 percent of all electricity generation, with wind comprising 8 percent and solar coming in at 2 percent. The report was published by the U.S. Energy Information Administration (EIA), which collects and disseminates environmental data that is used to inform policymakers. Wind and solar generation typically peaks in the spring and fall when there is less energy demand, and the EIA expects April to continue the record-setting 10 percent trend.

Renewable power sources such as wind now provide about one-third of Germany's electricity. The rows of towering wind turbines and legions of glistening solar panels spread across Germany's landscape are striking emblems of the country's shift to non-nuclear, low-carbon power. But although Germany is the world's poster child for renewable energy, its grids cannot yet cope with the erratic nature of wind and solar power. In June, German meteorologists, engineers and utility firms began to test whether big data and machine learning can make these power sources more grid-friendly. "To operate the grid more efficiently and keep fossil reserves at a minimum, operators need to have a better idea of how much wind and solar power to expect at any given time," says Malte Siefert, a physicist at the Fraunhofer Institute for Wind Energy and Energy System Technology in Kassel, Germany, and a leader on the project, called EWeLiNE.

Renewable power sources such as wind now provide about one-third of Germany's electricity. The rows of towering wind turbines and legions of glistening solar panels spread across Germany's landscape are striking emblems of the country's shift to non-nuclear, low-carbon power. But although Germany is the world's poster child for renewable energy, its grids cannot yet cope with the erratic nature of wind and solar power. In June, German meteorologists, engineers and utility firms began to test whether big data and machine learning can make these power sources more grid-friendly. "To operate the grid more efficiently and keep fossil reserves at a minimum, operators need to have a better idea of how much wind and solar power to expect at any given time," says Malte Siefert, a physicist at the Fraunhofer Institute for Wind Energy and Energy System Technology in Kassel, Germany, and a leader on the project, called EWeLiNE.

The increasing importance of renewable energy, especially solar and wind power, has led to new forces in the formation of electricity prices. Hence, this paper introduces an econometric model for the hourly time series of electricity prices of the European Power Exchange (EPEX) which incorporates specific features like renewable energy. The model consists of several sophisticated and established approaches and can be regarded as a periodic VAR-TARCH with wind power, solar power, and load as influences on the time series. It is able to map the distinct and well-known features of electricity prices in Germany. An efficient iteratively reweighted lasso approach is used for the estimation. Moreover, it is shown that several existing models are outperformed by the procedure developed in this paper.