1. Product Overview
1.1 What is the Nodal Price Forecast API?
The Nodal Price Forecast API provides access to hourly forecasted Locational Marginal Prices (LMPs) for all supply nodes, load zones, and hubs within ERCOT, as well as a large amount of contextual data and insights. These forecasts are essential for market participants to make informed decisions on energy trading, pricing strategies, and risk management.
1.2 What methodology is used for the forecasts?
Our forecasting model combines power market fundamentals, congestion analysis, and statistical analysis. It uses advanced machine learning and AI algorithms that leverage the world's largest sensor network, 2 years of historical data, and expert forecasts from our market analysts to capture both typical and atypical market dynamics.
1.3 How often are the forecasts updated?
The model updates on an hourly frequency to provide you with the most current market predictions.
1.4 Are you planning to expand into other markets?
Yes, we plan to expand into other markets in the future. However, our current focus is on delivering the day-ahead model for ERCOT and ensuring our customers are fully supported in this market before expanding. We welcome feedback on which markets to prioritize next.
2. Access & Subscription
2.1 Who has access to this product and how do I get a subscription?
The Nodal Price Forecast ERCOT product is an add-on package available to our Discovery, Insights, and Modelling customers. To check if you have access or to request access, please contact support@woodmac.com.
For a reminder on our product packages: