Volue, a leader in technologies and services that enable its customers to succeed in the energy transition, has signed an agreement with Fortum for the implementation of its Smart Power software.
Fortum is a Nordic energy company with the purpose of powering a world where people, businesses and nature thrive together. Their core operations in the Nordics comprise of efficient, CO2-free power generation and the reliable supply of electricity and district heat to private and business customers.
Volue Smart Power is a next generation software solution that automates and optimises production, planning, bidding and trading. It was developed in close collaboration with several customers and introduced to address the ever-increasing complexity of the power markets. This latest Smart Power deal with Fortum follows several recent partnership announcements.
Fortum will use Smart Power for inflow forecasting, improving the accuracy and thus allowing for more optimal use of water resources. Object modeling and data management will also be introduced, through the use of Volue Mesh, a fully flexible object-based data model. Data modelling with Mesh gives context to data; making it available, maintainable and accessible.
The work with Fortum will see them transition to the Smart Power software, including Volue Mesh, Nimbus as User Interface and new production planning tools for short term hydro optimisation. The associated improved inflow forecasting will allow Fortum to enhance their storage and high production capacities across spot, reserve and intraday markets.
As part of its wider consultancy offering, Volue will work in partnership with Fortum’s spot traders, dispatchers, intraday and capacity traders, delivering full training on the software solution. Fortum already uses Volue Algo Trader Power for its intraday trading?. By integrating the new Smart Power solution with Algo Trader Power, Fortum can enhance its asset-backed intraday trading further.
Trond Straume, CEO, Volue, said: 'Smart Power illustrates our awareness and appreciation that the automation of optimisation and trading processes are key if power producers are to stay competitive. Smart Power facilitates this, supporting our customers on the green energy transition and enabling them to seize opportunities for growth and profitability.
'This partnership with Fortum is one I take great deal of pride in. Their work across Sweden and Finland, supported by Volue, will help to generate and deliver reliable clean energy.
'By embracing automation and the strategic optimisation of assets, Fortum will join our clients across the Nordics, Europe and Japan to confidently navigate the ever-evolving energy market, enhancing their power production and contributing to the transition towards cleaner energy sources.'
Martin Lindström, Vice President Business Services and Transformation, Fortum, said: 'Fortum and Volue have had a long partnership over almost two decades, where Fortum has seen a clear positive contribution on our day-to-day trading processes. The Volue product suite has played a pivotal role in Fortum’s ability to optimise our assets towards the markets and to create secure and sustainable production plans for our hydropower. This all contributes to our strategic priorities to deliver reliable clean energy and drive decarbonisation in industries.
'As the market has been undergoing significant changes in terms of regulatory requirements, demand growth, high entrance of renewables and an increased price sensitivity, it sets new demands on Fortum’s process and systems to continuously be relevant and successful. Fortum clearly sees the Smart Power software suite as one key building block for our continuation of secure, compliant and competitive trading and dispatching of our assets.'
Source: Volue
