Lately, the European energy market has been unusually volatile. Policymakers and other users of European statistics often stress the need for improved timeliness. In the Energy Statistics Nowcasting Challenge, teams will compete using advanced modelling techniques and (nearly) real-time auxiliary data to come up with nowcasts for key energy time series way ahead of the official figures. The nowcasts that are closest to the official European statistics will be rewarded for accuracy, and the team that best document their nowcasting models will win the reproducibility award.
The second round of European Statistics Awards for Nowcasting will begin in June with registrations open until 28 September 2023.
The competition will begin on 1 June 2023 and will run for ten months until 31 March 2024. The deadline for registration is 28 September 2023.
Monthly energy statistics on:
- Inland gas consumption
- Oil and petroleum deliveries
- Electricity availability
First Prize EUR 3 000
Second Prize EUR 2 000
Third Prize EUR 1 000
First Prize EUR 5 000
Teams comprising a maximum of five individuals with diverse backgrounds and expertise in time series analysis, forecasting, or nowcasting are eligible to participate in the competition. This contest presents an exceptional chance to apply your understanding of econometric time series modelling in an actual context and potentially receive up to EUR 8 000 per nowcasted time series. If your team secures the top spot for all three time series, you could earn up to EUR 24 000 in this round.