Personal weather forecasting has become crucial for energy companies
Exceptional weather events are becoming more frequent, disrupting ecosystems and infrastructure, while climate change is also affecting wind patterns and meteorological phenomena. However, the ability to better predict these extreme weather conditions can reduce uncertainties across sectors, enabling them to make more informed decisions and work towards achieving global net-zero emissions targets.
In 2023, renewable energy providers contributed more than 800 TWh of green electricity to the power grid worldwide. This important achievement, as Lars-Erik Nicolaysen, Executive Vice President of Rystad Energy, an independent research and business intelligence company, pointed out, is perfectly in line with the growth in global electricity demand: “So, for the first time in history, we have enough growth from green electricity to add To global networks and households to offset global demand.
With the global goal of achieving a shift towards greener energy sources, there is a need to increase renewable energy production. However, energy providers face multiple challenges, including ensuring that their plants are operating at maximum speed or are built in locations with particularly favorable conditions.
If 25 years ago the media were the first contractors to buy weather forecast information, that is no longer the case: “Now the media account for 3%,” says Jostein Malan, chief operating officer of StormGeo, a world-leading Norwegian company. Weather intelligence and weather information. Data science. Over 15 years ago, the company began working alongside the renewable energy sector to provide them with insightful analytics.
Thanks to the development of new technologies and products, the company has been able to offer personalized forecasts to its energy customers around the world: “The demand for data accuracy for weather forecasting is much higher now,” he said, adding that in order to continue to promote renewable energy, forecasting will need to improve. More with the help of artificial intelligence technology.
Companies are now strategically selecting their sites based on reliable forecasts of ideal sun and wind patterns over longer periods of time, while also harnessing historical weather data to enhance their energy transmission strategies, ensuring greater flexibility and accuracy of sites.
For energy providers, weather forecasts are also important for understanding the conditions needed to move complex facilities offshore in a way that is safe for their crews, adds Geir Ramfjel, CEO of Norwegian startup Deep Wind Offshore.
According to StormGeo, investment plans in renewable energy production in the Nordic countries are expected to rise, with a projected increase of 250 TWh in new green electricity production by 2050. An illustrative case is from the oil and gas sector, where Jan-Friedrich Stadaas said, The strategy director at the Norwegian company Equinor stated that the company will invest an ambitious amount of about $34.2 billion in the coming years.
But companies will also need to enhance the resilience of existing infrastructure, protect the value of their assets, and ensure continuity of operations in the face of unexpected climate challenges.
In 2023, of the 387 exceptional weather events occurring globally, 204 will have floods as a major impact. 7Analytics, for example, makes risk assessment easier by building a data platform that supports sustainable risk management: “We can provide solutions so that customers can take mitigation actions early, protecting the values of their assets,” says Helge Jørgensen, CEO and founder. Participant in 7Analytics. Their clients include the insurance sector and also international energy companies that use their services to protect their solar parks from flood risks.
As the climate crisis continues to unfold, energy companies will need to continually assess their exposure to certain events and protect their assets in response to these risks, as technology and improved weather forecasting represent a beacon of hope for a stable, green energy supply.
(Tags for translation)Rystad Energy