Statnett Optimizes Norway's Electricity with FICO Analytics
STOCKHOLM, May 22, 2018 /PRNewswire/ --
Highlights:
- FICO has selected FICO® Xpress Optimization to power their models of the future of electricity needs in Norway and optimize the current infrastructure.
- Statnett, the Norwegian transmission systems operator (TSO) for energy, operates nearly 11,000 km of high voltage power lines across Norway and is responsible for creating the next-generation main grid and securing the power supply of the future.
- FICO® Xpress Optimization is the premier mathematical modeling and optimization solution in the world.
Statnett, the Norwegian transmission systems operator (TSO) for energy, has selected FICO® Xpress Optimization to power their models of the future of electricity needs in Norway and optimize the current infrastructure. The solution will be used across the organization to process, analyze and plan key factors relating to the sector.
More information: http://www.fico.com/en/products/fico-xpress-optimization
Statnett operates nearly 11,000 km of high voltage power lines across Norway and is responsible for creating the next-generation main grid and securing the power supply of the future. To fulfil its mission, the organization forecasts the country's future electricity needs and market changes through 2040 and beyond.
"We are both looking at the current infrastructure as well as the energy requirements of the future, including trying to understand future market behaviors connected to electricity pricing," said Ivar Husevåg Døskeland, senior business analyst at Statnett. "We plan to invest £3-4 billion in the power grid between 2018 and 2022."
The complex task of both ensuring stable delivery of electricity now and looking ahead in a constantly evolving sector requires powerful tools and partners. Statnett has a well-established partnership with SINTEF, a Norwegian research institute that builds analytic models for different scenarios related to above challenges. To process, analyze and plan the future of electricity in Norway using these models, Statnett reviewed the market and chose FICO Xpress Optimization.
"As part of working with Statnett, we connected them with other FICO Xpress Optimization users," said Dylan Jones, who manages Nordic operations at FICO. "Their counsel showed Statnett how it could use Xpress Optimization to maximize the value from their entire supply chain, eliminating the need for them to buy multiple solvers for different applications."
"The breadth of FICO Xpress Optimization's capabilities ensures that we have a solution that can be widely used across the organization now and in the future," said Døskeland.
As the premier mathematical modeling and optimization solution in the world, FICO® Xpress Optimization allows operations researchers, analysts, consultants and others to easily create, deploy and utilize business optimization solutions based on scalable high-performance algorithms, a flexible modeling environment, rapid application development and reporting capabilities for on-premises and cloud installations. FICO Xpress Optimization is part of the FICO® Decision Management Suite, an integrated set of cloud-based tools for developing and deploying analytically powered applications.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 185 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at http://www.fico.com
FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
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