AboitizPower to use data science for planned energy trading platform

April 21, 2021 | 12:01 am

https://www.bworldonline.com/aboitizpower-to-use-data-science-for-planned-energy-trading-platform/

 

LISTED Aboitiz Power Corp. said on Tuesday that it is harnessing data science to develop a new energy trading platform and other tools to improve its processes and services.

In a press release, the firm said that its commercial operations business unit made “significant strides in innovating and adopting data science practices.” The unit is in charge of trading and selling the company’s energy generation capacities.

AboitizPower said the business unit has been “working on a new energy trading platform that uses advanced analytics and trading optimization technologies to support its trading operations, further enhancing data analysis and efficiency wherever possible.”

It said the system will ensure that the company’s generation facilities trade power with high levels of accuracy, comply with stringent market rules, and optimize margins based on data-driven trading strategies.

In a separate e-mail on Tuesday, AboitizPower told BusinessWorld that the project is divided into modules, with some scheduled to be delivered this year. The platform is set to be implemented by 2024. The firm added that this will be an “internal system of AboitizPower.”

The company said its use of data science and platforms has also reduced the turnaround time and negotiation period for its business unit, which serves at the frontlines of customer interactions.

In its media release, AboitizPower said that it recently partnered with UnionBank’s data science and artificial intelligence team to build tools that leverage data science models in a bid to expand the company’s knowledge of its customer base and help build long-term solutions for its business.

AboitizPower Head of Commercial Operations Sandro A. Aboitiz was quoted as saying: “In Commercial Operations, we encourage an innovative mindset within the group in order to come up with unique ideas to give what our customers need even before they ask.”

“We remain committed to our goal of being the partner of choice for the customers we serve, always aiming to go above and beyond our services levels and constantly seeking new ways of serving our customers through data science and other automation tools,” he added.

AboitizPower is the holding firm for the Aboitiz group’s investments in power generation, distribution, and retail electricity services.

In February, the group said that it was embracing digital technology — using data science and artificial intelligence to enhance the productivity of its business units in the banking, power, food, infrastructure and real estate sectors.

Shares of AboitizPower in the local bourse improved 0.43% or 10 centavos to finish at P23.60 apiece on Tuesday. — Angelica Y. Yang