DNV GL has launched 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.