Oslo, Norway - June 23, 2022 — Hafslund Eco and Lyse, two leading Nordic power generators and market players, and Cognite, a global leader in industrial software, today announced a partnership to turn asset and market data into insights for real-time decision support in physical power trading and production optimization.
This complementary partnership overcomes data complexities in operational and market data by extending Cognite’s cloud-based industrial DataOps platform, Cognite Data Fusion®, with templates for multi-market optimization and continuous benchmarking. Together, Hafslund Eco, Lyse, and Cognite are developing an end-to-end solution, enabling companies to make better decisions across physical power markets.
As liquidity increases in short-term power markets and market mechanisms evolve towards net zero targets, power generators operating in pan-European physical markets are currently seeing their market operations under severe stress. The sheer volume and complexity of data in relation to power trading activity pushes players to rethink how to take prudent, optimal decisions.
Data, automation, continuous change, and adaptation is the robust way to address these challenges. Real-time decisions will have to be made based on the latest available set of information across a vast space of possibilities, automated as much as possible and always in line with the obligation towards society to provide green, affordable power. Power market players will need to continuously expand, measure quality and fine tune analysis and decision making, to ensure they keep up with changes to market designs and price drivers.
Says Geir Jevnaker, Head of Physical Trading at Hafslund Eco: “The partnership with Lyse and Cognite is a key effort to prepare for continuous multi-market physical trading. We will depend on real-time and continuous decision support to feed our human and robotic trading execution when market complexity explodes and time for decision making is reduced to a bare minimum. Cognite´s software allows us to continuously expand the space of data and analyses we can use, as well as improve our decision making through detailed performance benchmarking.”
Says Sindre Tøsse, CTO of Lyse Produksjon: “Cognite´s software portfolio enables Lyse to develop and iterate quickly on our physical trading process, based on a solid and efficient foundation. The openness and modularity makes it easy for our developers and analysts to model data, put new models into production, and test hypotheses quickly. The approach centered around a domain data model is the key to enable both benchmarking and efficient development.”
“We are very proud to establish a partnership with Hafslund Eco and Lyse, two leading players in the power markets,” says Dr. John Markus Lervik, co-founder of Cognite. “Data liberation and DataOps in market operations will be a key differentiator for Hafslund Eco and Lyse, and a critical enabler for next-generation decision support, quality, resilience, and competitiveness. Partnering with Hafslund Eco and Lyse to help support their digital ambitions is not only a great opportunity to demonstrate the power of contextualized data, but also to show the value of close cross-functional team work.”
About Hafslund Eco
Hafslund Eco is Norway's second largest power generator, operating a hydropower production of 21 TWh The Group owns 50 percent of Eidsiva Energi, and thus half of Elvia, Norway's largest grid company with about 900,000 customers. Hafslund Eco is also the majority owner of Hafslund Oslo Celsio, the largest district heating producer in Norway. Offshore wind is one of Hafslund Eco's strategic focus areas, where we have teamed up with Fred. Olsen Seawind and Ørsted in the partnership Blåvinge to unlock the huge potential of offshore wind in Norway. Hafslund Eco works with innovation and business development to accelerate the electrification of Norway and has a clear growth strategy for the years to come.
Lyse is a Norwegian industrial group operating within the business areas of energy, telecommunications and power grid. The company is a substantial national operator within renewable energy and a national leader within fibre-optic broadband business. Lyse is Norway’s third-largest power market entity, with a market portfolio of 10 TWh in a normal year. The company’s shareholders are 14 municipalities from Southern Rogaland. The shareholders have a long-term industrial perspective on their investment and expect that the company has a positive impact on its local community with a strategic focus for the region and satisfactory profitability.
Cognite is a global industrial SaaS company that was established with a clear vision: to rapidly empower industrial companies with contextualized, trustworthy, and accessible data to help drive the full-scale digital transformation of heavy asset industries around the world. Our core Industrial DataOps platform, Cognite Data Fusion®, enables industrial data and domain users to collaborate quickly and safely to develop, operationalize, and scale industrial AI solutions and applications to deliver both profitability and sustainability. Visit us at www.cognite.com and follow us on Twitter and LinkedIn.
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