Weather Authority and Power Market Analyst Group Launch First Wind Generation Forecasting Service Designed for Energy Traders
Andover, MA - October 28, 2009 — WSI (Weather Services International), the most trusted global weather solutions provider, and Genscape’s Enva market intelligence team today announced the release of WindCast IQ – the industry’s first wind generation forecasting service designed specifically for energy traders.
Wind is the fastest growing source of power generation in North America, and is a significant driver of congestion and price volatility in many regions. WindCast IQ combines WSI’s best-in-class weather forecasting resources with Enva’s knowledge of regional power market fundamentals to deliver the first wind generation forecasting service with the ISO-level coverage, unrivalled accuracy and farm-level granularity required by leading market participants.
The first WindCast IQ products will cover Midwest ISO (MISO) and Texas (ERCOT) – two regions where wind power has significant daily impact on power markets. Each WindCast IQ product gives clients highly accurate 7-day hourly forecasts of wind generation at the ISO, regional and wind farm level, updated throughout the day.
This product provides market participants previously unattainable levels of forecasting accuracy by combining WSI’s skillful turbine-height wind forecasts and Enva’s wind generation models and analysis of grid & market factors. Accuracy is further enhanced through calibration with Genscape’s real-time power flow monitors installed at key wind farms. “For a power trader, anticipating and understanding the impact of wind on the system is increasingly critical to success,” said Jose Arce of ArcLight Energy Marketing. “WindCast IQ is the only product I’ve seen which accurately forecasts wind generation at the ISO level, and also gives me the farm-level granularity needed to understand nodal trading implications.”
“Wind power is an important source of clean energy and getting accurate wind generation forecasts is a growing challenge for all market participants,” said Ira Scharf, General Manager of WSI’s Energy and Risk Division. “The combination of WSI’s highly skilled wind power forecasting teamed with Enva’s expert understanding of the power grid creates an ideal pairing of forces to give energy traders and wind farm operators a true market edge.”
“WindCast IQ is a breakthrough product for the wind power marketplace,” said Hudson Gilmer, Genscape’s Managing Director, North America. “Wind is becoming a more important factor in power trading with each passing day. We’re thrilled that together with WSI, we’re able to give our customers a powerful tool to anticipate in a more precise manner how wind will impact the market.”
For more information on WindCast IQ, visit www.wsi.com/energy/products/windcastiq or contact Robert Boucher at 978-983-6558 or firstname.lastname@example.org .
About WSI Corporation
WSI is the most trusted source of weather information across the globe. Top insurance, risk management companies and financial institutions, worldwide, trust WSI to supply them with easy-to-use, timely and expert weather guidance to help anticipate market volatility, mitigate risk and make critical decisions with confidence. WSI is a member of The Weather Channel Companies and is headquartered in Andover, Massachusetts, with offices in Birmingham, England. The Weather Channel Companies are owned by a consortium made up of NBC Universal and the private equity firms, The Blackstone Group and Bain Capital.
About Genscape/ Enva
Genscape is a leading global provider of energy information for commodity and financial markets. Utilizing patented technologies and proprietary algorithms, Genscape provides accurate and timely data on capacities, flow and utilization for all major energy commodities. Genscape also delivers fundamentals-based market intelligence services which market participants rely upon to better understand drivers, risks, and dynamics of regional power and gas markets. Please visit www.genscape.com for more information.