DNV GL launches web portal for on-demand forecasts of power markets

Published on May 25, 2017 by Daily Energy Insider Reports

DNV GL, the Norway-based international accredited registrar and classification society, launched this week Forecaster NOW, a web portal that provides energy traders, plant operators and other stakeholders with immediate estimates of future wind and solar plant energy production.

The service is the industry’s first on-demand web portal with e-commerce enabled transactions. Its forecasts will help traders to make trading decisions and aid operations and maintenance managers with maintenance scheduling. Forecaster NOW will also provide insight into the prospective effects of wind and solar generation on power supply and pricing.

“Power grids and markets will continue their rapid transformation to a low carbon system,” Craig Collier, head of forecasting for the Americas at DNV GL, said. “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.”

Forecast NOW is the latest addition to DNV GL’s collection of subscription-based short-term forecasting services that also includes Forecaster Live, Forecaster Plus and Forecaster Solutions.

“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,” Carole Barbeau, president of DNV GL Energy Advisory, Americas, said. “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”.

DNV GL will initially release Forecaster NOW in the United States and Canada with European and global rollouts to follow.