Case Study: Optimizing Wind Energy Assets
Time to Rethink How You Manage Your Wind Power Assets In Light of Its Historic Growth
Over the last decade, electricity generated by renewable energy doubled, driven largely by dramatic cost decreases and favorable federal and state policies. Wind power generation alone grew from 55 million MWh in 2008 to 275 million MWh in 2018. In 2018, this wind electricity generation represented an unprecedented 6.5% of total U.S. electricity generation.
As wind power capacity continues to skyrocket and green energy advocates call for the retirement of older, dirtier electricity sources, utilities can no longer rely on bootstrapped methods to manage and balance their wind energy asset’s production.
Ultimately, wind power capacity’s growth is not expected to slow anytime soon. It’s time for utilities to rethink how they manage their rapidly growing asset.
Using Analytics to Optimize Wind Energy Assets
In a recent case study, we covered how a $50 billion electric utility company came to ION looking for a solution that could balance their portfolio — particularly their wind power assets on an hourly basis. At the time, they relied on educated guesses and experience to analyze their wind electricity production and make decisions.
This resulted in waste not just in their wind energy costs — but in balancing their wind electricity assets’ megawatts with other parts of their portfolio. They needed a solution in place to help them take total control of their asset and portfolio optimization and go beyond educated guesses.
That’s where ION FEA’s @ENERGY/WindWorks comes in. The wind energy solution took into account the electric utility’s real-time weather forecast and position of all their assets for the coming hour.
Now, the utility relies on hard data over educated guesses, allowing them to drive efficiency and asset optimization across their portfolio.
What Does This Mean for You?
Ultimately, ION FEA’s @ENERGY/Windworks solution helped this $50 billion utility company transform its wind power generation forecasting and optimize their bidding strategies.
Are you facing similar challenges? ION FEA’s @ENERGY Suite can help you optimize your assets across the energy, metals, and soft commodity markets.
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