Efficient Operations and Beyond: Our Interns Speak About Volue’s Energy and Power Grid Technology
Working in small groups and in an environment that was informal, fun, international, and geared towards learning, over the summer our interns collaborated with project teams across Volue's Energy and Power Grid portfolios.
Here, we ask them what they think about Volue’s technology.
Technology for efficient operations
Ferdinand Lindal who chose an internship at Volue to learn more about the energy markets says that Volue’s technology is a great contribution to the transition to real-time power markets and to the automation of power production.
“The analysis of fundamentals and future power prices gives power producers great insight into how they can utilise their resources optimally,” he says.
“Volue's powerful analysis tools give power producers information about the complex European power markets at all times, even far into the future. This enables power producers to plan and streamline their production,” Nicolas Rosendal Bech adds.
Sander Haugen thinks that Volue’s software helps energy producers gain a better understanding of how the energy markets, and the fundamentals they depend on, evolve.
“This understanding is crucial in decision-making in production planning and strategy," he says.
Trym Ettestøl Osland who worked on Volue’s fundamentals and real-time forecast for Japan believes that by having every resource such as power market insights and production planning optimisation under one roof, Volue is able to help power market players digitalise and optimise their business.
Erlend Vabø was impressed by Volue products such as the Algo Trader and Navigator, which the interns got to see in action during their trip to Volue's office in Munich.
“It’s all about efficiency. For example, instead of operating a hydro turbine at a constant output, it can be adjusted to optimise prices and forecasts, which can make production more efficient. Efficiency is key to reaching our goals in the energy transition," he says.
Oscar Erik Ravik thinks that the technology Volue is building will ensure that we avert power outages and other problems created by the power grid because people need constant, reliable energy.
“Forecasts and detailed analysis help power market players reduce loss and downtime and gives them tools to help improve efficiency by having the information and data they need. We have a shortage of energy in Europe right now, so it’s important that they optimise their operations,” he adds.
Combining powerful technology with data
Erlend Skinnemoen, who contributed to the work of the SPARK team, sees Volue as a problem-solver.
“It's amazing to see the amounts of data and the possibilities it provides, such as analysis and forecasts. I learned a lot about the electrical grid and the consequences we might face if we don’t change the way we expand the grid.”
Floris Lutz says that we need to digitalise to enable the energy transition.
“We are using more renewable energy that is volatile. At the same time, we need more electricity for mobility, heating, and industry processes to cut carbon emissions. These two together do not only require the power grid to be strong and reliable, they require it to be smart. I am happy my work has contributed to a smarter grid.”
He adds that back in the day, those maintaining the grid depended on huge paper maps which they had to retrieve from archives, read and understand (often in bad weather) and eventually redraw.
“Thanks to Volue’s software, this process is done in just a few clicks on a smartphone and changes are made available immediately. The next step is to have an entire ‘digital twin’ of the grid, revolutionising the way the grid is planned, optimised, built, and monitored.”
“The energy crisis in Europe will only increase the demand for smart solutions in the industry,” Hanna Lofnes says. “By receiving data continuously, the energy producers can plan their operations in a new way, avoiding delays and detecting errors," she says.
Martine Grøttum Engen believes that AI and machine learning perform better compared to humans in optimising energy consumption and production.
“We must expand the production of renewables but it’s as important to optimise and improve how these energy sources contribute and communicate with the rest of the electrical grid.”
Inger Kristine Melhus believes that digitalisation is a key part of working towards sustainability in the energy sector.
“As sustainability is one of my key values, this aspect of the work at Volue is important to me,” she says.