Energy traders and plant operators gain online access to hourly forecast data at plant and regional level
ANAHEIM, California, US, 22 May 2017 – DNV GL, the world’s largest resource of independent energy experts and certification body, and a digital forecasting provider for more than 15 years, today announced its launch of Forecaster NOW, the industry’s first forecast on-demand web portal with e-commerce enabled transactions. Forecaster NOW is part of a suite of DNV GL subscription-based short-term forecasting services which also includes: Forecaster Live, Forecaster Plus and Forecaster Solutions.
“Power grids and markets will continue their rapid transformation to a low carbon system,” said Craig Collier, head of forecasting for the Americas at DNV GL. “Accurately knowing when and how much generation will come from variable sources such as wind and solar with increased flexibility is crucial for operators, utilities, and ISOs in maintaining reliability, enabling increased penetration, and achieving a low-cost system.”
Forecaster NOW provides users with on-demand forecasts of select power markets with hourly resolution to seven days. Easily accessible on the web, Forecaster NOW aims to provide energy traders, plant operators and other stakeholders with immediate estimates of future wind and solar plant energy production. These instant forecasts help energy traders validate trading instincts, and inform O&M managers which assists them with maintenance scheduling as well as offering a critical ‘second opinion’ energy forecast.
Forecaster NOW also provides insight into the potential impacts of wind and solar generation on power supply and pricing, delivering energy traders the data needed to help validate timely trading decisions in the ERCOT market.
“Having been developed, used, tested and validated by a broad range of users, and continuously improved for over a decade, DNV GL’s forecasting solutions are now being offered to provide the right level of insight through four distinct levels of subscription,” said Carole Barbeau, president of DNV GL Energy Advisory, Americas. “While some stakeholders may require a more in-depth forecast, others may have a need for only a snapshot of the forecast and Forecaster NOW provides this on-demand flexibility”.
Now in its 15th year, DNV GL’s Forecaster suite offers the most comprehensive set of forecasting capabilities available. In addition to Forecaster Now, the service platform includes:
- Forecaster Live - for fundamental forecasting needs, Forecaster Live provides users with 24/7 streaming plant or regional forecasts with up to 15-minute resolution. Forecaster Live is designed for select plant operators, asset owners, and even fleet operators with straightforward forecasting needs.
- Forecaster Plus - for more robust regional and plant-level forecasts for users with demanding financial and technical expectations, Forecaster Plus offers the highest level of forecast accuracy with up to five-minute resolution. Forecaster Plus is designed for more rigorous demands of energy traders, asset owners, fleet operations, utilities and ISOs/grid operators.
- Forecaster Solutions - for more complex data-driven problems, Forecaster Solutions blends the capabilities of Forecaster Plus across large and diverse forecast datasets with DNV GL’s unparalleled technical expertise to create truly customized forecast solutions, powered by the DNV GL Forecaster engine.
Forecaster NOW will initially be available in the U.S. and Canada, with European and global rollouts to follow. DNV GL will be doing live demonstrations at DNV GL’s Booth 2236 during AWEA WindPower, May 22-25, 2017 in Anaheim, CA. For more information or to arrange a demo, please visit www.dnvgl.com/short-term-forecasting.
About DNV GL
Driven by its purpose of safeguarding life, property and the environment, DNV GL enables organisations to advance the safety and sustainability of their business. DNV GL provides classification and technical assurance along with software and independent expert advisory services to the maritime, oil & gas and energy industries. It also provides certification services to customers across a wide range of industries. DNV GL, whose origins go back to 1864, operates globally in more than 100 countries with its 16,000 professionals dedicated to helping their customers make the world safer, smarter and greener.
In the Energy industry
In DNV GL we unite the strengths of DNV, KEMA, Garrad Hassan, and GL Renewables Certification. DNV GL’s 2,500 energy experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply. We deliver world-renowned testing, certification and advisory services to the energy value chain including renewables and energy efficiency. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our testing, certification and advisory services are delivered independent from each other. Learn more at www.dnvgl.com/energy.