Asset performance in electricity markets is dependent on the performance of all agents in the marketplace and is complex to model. In future, it will become increasingly dependent on weather-driven intermittent generation as the proportion of solar and wind power increases. To address this, investors and owners of energy asset portfolios need to properly assess the strategic risk of weather and climate variability in future markets. The BELIEVE project - led by the IEA - will combine novel methods for modelling weather-driven generation with economic dispatch in order to optimise asset value in long term strategic portfolio planning. It is funded by Innovate UK as part of a portfolio of projects aimed at commercialising climate data within the financial services market.
The IEA team has recently completed a technology development project to assess the impact of weather and climate on electricity networks. The 9 month project was funded by the UK Space Agency and involved transmission operators and DSOs from Latin America, the UK and Caribbean. The project has developed a proof-of-concept software platform to provide real time weather alerts alongside longer-term climatic analysis to support planning.
The IEA is delighted to have signed an MOU with the Suriname Energy Chamber for a pilot initiative to demonstrate the potential for EnergyMetric to inform renewable energy transition options in the country. The pilot will focus on the main grid network surrounding the capital Paramaribo and will involve the Ministry of Energy and Natural Resources, Suriname Public Utility, Suriname Energy Authority and Anton de Kom University. Special thanks to the Caribbean Climate Smart Accelerator for their excellent work in helping to set up the project.
The IEA was in Cape Town from 7-9 June to launch EnergyMetric at Enlit Africa. The trade show is one of the premier events for the energy industry and a hotspot of activity for planning new solar and wind capacity on the continent. Visitors to the EnergyMetric stand were able to view live demos of the software and chat to the team about how we are using our weather and climate modelling expertise to improve renewable energy project planning.
We're proud to announce the roll out of EnergyMetric across six small island states, thanks to further funding from the UK Space Agency. With access to EnergyMetric's multi-year weather data, intuitive software and experienced climate analysts, users across Mauritius, Montserrat, Saint Lucia, Seychelles, Tonga and Vanuatu can explore the generation potential and bankability of renewable energy projects. Our technology will be game-changing for supporting strategic energy planning and building resilience in some of the world's most climate-sensitive areas. This news comes as we join the 2022 CREF conference in Miami, where we look forward to sharing how EnergyMetric is supporting the energy transitions of islands in the Caribbean.
We will be showcasing our suite of weather modelling software, data and consultancy services at Fruit Logistica 2022 in Berlin between 5th-7th April. It's been 2 years since the last in-person event and we're excited at being able to reconnect with customers and partners once more. With over 77,000 visitors attending in 2020, we're expecting to have a busy time. Come and visit us on Stand A-16, Hall 5.1.
During March, the IEA will be delivering a special workshop on energy modelling to students on the Energy and Climate Change course at Birkbeck College, London. The session is being led by Alan Yates, Principal Consultant and will focus on the challenges of achieving high penetrations of intermittent renewable energy. As part of the workshop, students will get to use EnergyMetric software as a tool for resource assessment and renewable generation modelling.