Norwegian start-up company Markedslabben uses FICO Xpress Optimization Suite in algorithm to optimize wind farm layouts and reduce CO2 emissions; company awarded FICO Decisions Award for Analytic Excellence
STOCKHOLM, Dec. 12, 2016 /PRNewswire/ -- HIGHLIGHTS:
Using the FICO® Xpress Optimization Suite, Markedslabben AS developed a unique wind farm layout optimization algorithm that integrates load constraints into the optimization problem.
Markedslabben AS improved energy yield with 2-5 percent by optimizing wind turbine layout, which translates to 2-5% improvement in profitability for project owners.
If all new wind farm projects were optimized using the algorithm, it would reduce CO2 emissions by 2-5 million metric tons every year, assuming wind power replaces coal.
Markedslabben has been awarded the FICO Decisions Award for Analytic Excellence
For more information: http://www.fico.com/dmawards/
Analytics software firm FICO today announced that Markedslabben AS, a Norwegian start-up that develops wind farm design tools and optimization algorithms, has been awarded the FICO Decision Management Award for Analytic Excellence. Markedslabben used the FICO® Xpress Optimization Suite to solve a wind farm layout optimization problem that has been studied for decades, creating more efficient wind farms and increasing profitability for its clients.
The layout optimization problem is how to best place turbines in order to maximize energy yield, while still respecting turbine power load constraints. With its product WindFarmDesigns, Markedslabben AS has managed to integrate load constraints into the optimization problem, improving layout and resulting in 2-5 percent improvement in energy yield and profitability for project owners.
"While industry software previously has been capable of maximizing energy yield by heuristics or genetic algorithms, no one has been able to incorporate load constraints into the optimization," said Klaus Vogstad, owner of Markedslabben AS. "This means consultants and manufacturers spend a lot of time checking layout solutions for load compliance, and adjust these layouts manually. This process is time-consuming, and also achieves suboptimal results."
Markedslabben used the FICO® Xpress Optimization Suite to develop the algorithm that solved this problem. WindFarmDesign is available as a cloud service, meaning it can be used by clients of all sizes with different pricing and technical requirements.
"Developing sustainable wind energy solutions that can replace coal and natural gas is key to addressing current climate challenges and reducing CO2 emissions," said Vogstad. "We are proud to offer a solution that optimizes wind power projects and make them more profitable, which over time should support increased investments in wind power parks, thus making the world a greener place. The FICO Xpress Optimization Suite gave us the tools needed to solve this problem."
"Markedslabben demonstrated the power of advanced analytics to solve some of the world's toughest problems," said Dan Ariely, author of Predictably Irrational, and Duke University Professor of Behavioral Economics, one of this year's FICO Decisions Awards judges. "For their results and their solution to a problem that has frustrated firms before, the judges overwhelmingly selected them as this year's Analytic Excellence winner."
"We are very impressed by Markedslabben's solution, which can be used in wind power projects all over the world," said Dylan Jones, country head for Nordics & Baltic regions at FICO. "The potential gains of improved layout optimization are huge both in terms of profitability and sustainability."
Every year, about 2000 new wind farms are installed globally, which is equivalent of 50 gigawatts per year. If all new projects were optimized using the algorithm, with improved energy yield of 2-5 percent, that would reduce CO2 emissions by 2-5 million metric tons per year, assuming wind power replaces coal.
About the FICO Decisions Awards
The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measureable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2016 judges are:
Dan Ariely, expert on human behavior, author of Predictably Irrational, and Duke University Professor of Behavioral Economics
Jim Bander, national manager, Decision Science, Toyota Financial Services (2015 winner)
Ken Elliott, global director of Analytics, Hewlett Packard Enterprise
Bill Fearnley, Jr., research director, Compliance, Fraud and Risk Analytics, IDC - Financial Insights
Petr Kapoun, retail risk director, Česká Spořitelna (2015 winner)
Dr. Dalvinder Singh, editor, Financial Regulation International
Nicole Sturgill, principal, Executive Advisor, CEB TowerGroup
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 170 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