Miami, Florida, September 1, 2015
QuantRisk announced today the very successful launch of its Price Forecasting and Optimization Cloud Services for municipal utilities, electric cooperatives and retailers in Asia. QuantRisk Corp. is a leading provider of Advanced High-Performance Analytics, Optimization and Risk Management Cloud Computing solutions for energy and financial markets.
This service delivers load and price forecasting, and optimization of the nomination or scheduling of bilateral power purchase contracts, in real time and day-ahead settings. In short, the optimization engine reshuffles bilateral energy procurement contracts in and out of the nodal spot market to determine the scheduling strategy with the lowest cost. All information is summarized in a live trading web page for traders, along with performance analysis of actual and optimal nodal P&Ls. QR supercomputer cloud performs these tasks in just a few minutes. The service is available to all markets and participants worldwide.
Such an advanced solution is unique to QuantRisk. So far only major power companies could acquire such systems, at the cost of tens of millions of dollars and years of implementation. QuantRisk has shattered this business model. Its advanced architecture allows the configuration of a typical utility or co-op into the optimization model in just under 1 week, and the work can be done remotely. Then the client can start using the optimization service as of week 2. Implementation is free and clients pay just one single all-inclusive monthly fee for the software, use of cloud supercomputer, service and support, corresponding to less than 10% of the savings generated. Two configurations are offered, real-time intraday, and day-ahead. All that is needed is a browser to use the service.
QR Optimization Service is available worldwide, and we are pleased to have offered it since July 2015, for trials in the Philippines, where 119 cooperatives serve more than 80 million people. In this market we can generate energy procurement savings of 10% to 20%. The average saving rate achieved is about PHP 400 / MWh or US$ 9 / MWh. It is gratifying to marry our business model with the advancement of the cause of co-ops to provide cheaper electricity to their constituents, especially in this emerging country with one of the highest energy costs in Asia. The second and third largest utilities in this country have already licensed our solution. We expect to cover nearly most of the country within months.
The solution was tested by 2 leading electric co-ops, with stunning results. The current and past presidents of Western Visayas Electric Cooperative Association (WEVECA) have been early adopters of the solution. The following results were achieved within weeks:
QuantRisk team worked closely with our trading team to listen to our concerns and the particular complexities of our load contracts and managed to very efficiently enter them in their optimization model. No face to face meeting was required. We did it all via email and phone conferences. We can see in one single trading panel, the optimal load we need to allocate to each bilateral contract, how much to buy from or sell to the market. We are very pleased with the outcome. QuantRisk solutions optimize our energy cost about PHP 473 /MWh, or US$ 10 /MWh, within our current day-ahead nomination practice.
The QuantRisk team worked with us through our trader in everyday trading. They gave attention to our requests and suggestions. Responding to our concerns politely and diligently based on the terms of our contract / agreement with our power suppliers. They were available on calls and responded to us through e-mails, without having to meet personally. Based on the historical data and other information they gathered from us, QR Optimizer produced savings of PHP 530 /MWh, or US$ 12 /MWh... In our day to day activities we only do our forecasting method in an excel computation. With QuantRisk they set up different types of data (i.e. graphs, D+0, D+1, D+2,…) showing in one web page and with just a few click, our total forecasted load, and nominations per power suppliers and the market operator WESM.
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