All posts by Jan P. Olsen

Will the potential for 50% CO2 reduction from electrification with wind power be physically possible for the oil/gas industry?

Wind power as decarbonization means for the oil and gas industry and the related challenges, one of which is the viability of offshore wind in production – findings based on studies and simulations for two decarbonizing projects done by ConWX.

There is no doubt that wind power will be a substantial part of the electrification of the oil and gas industry, however, not all wind power produced can be integrated into the power management system for decarbonization. We are still facing a relatively high rate of curtailment and usage of gas turbines.

It is important to have a clear picture on the predictability of power forecasts that will be used in the power management system. At ConWX found that a more conservative forecasting approach, than normal nomination, needs to be applied to provide the oil/gas rig with power on a continuous basis.

ConWX has recently performed backtest analysis for two oil electrification projects and we have valuable results from those studies, where historical measurements were used for the simulation of trained historical power forecasts for each individual rig location.

The biggest surprise for our clients is the power fluctuation pattern for offshore wind turbines placed in the North Sea.

In the analysis, we simulate the value and the size of energy storage and its influence on the energy mix, including gas turbine, wind power, and battery.

Any management system needs an uncertainty indicator on the very short term. We present situations where the coming wind power production is too unpredictable to be used for such a management system with the consequence that gas turbines must be running regardless of any wind power production.

Our simulation calculates the saved CO2 emissions in two different electrification scenarios – one with a combined system using wind power, storage, and gas turbines and the other using only wind power.

Do you want the details from the analysis? Contact us here.


First Entry into Renewable Energy Vertical

Volaris Group today announced the acquisition of ConWX ApS, a provider of mission-critical power forecasting services for global energy providers.

ConWX is headquartered in Copenhagen and provides services for energy and energy trading companies globally. The company has a renewable energy install base of more than 100GW capacity.

“With the acquisition of ConWX, Volaris Group enters the renewable energy sector. ConWX is well-positioned in this important and growing industry and we see an interesting opportunity to expand our footprint,” said Jesper Ulsted, Portfolio Manager at Volaris Group, “Our buy-and-hold-forever philosophy is well-suited for companies looking for stability, long-term growth and it fits particularly well with the sustainability focus of this new vertical.”

ConWX will continue to operate independently under the leadership of the existing management team and founders Jesper Thiesen and Erik Østergaard Madsen.

Commenting on the deal, Jesper Thiesen stated “We were looking for a sustainable long-term partner and Volaris is an excellent fit for both our technology and our talented team. We are excited to be the first company within the renewable energy vertical at Volaris and are looking forward to building out this new vertical together. Our deep industry knowledge, combined with Volaris’ experience acquiring vertical market software businesses, creates a compelling opportunity.”

About ConWX

ConWX is a supplier of a range of advanced weather and energy forecasting services, especially for wind and solar power energy providers. Services are used for trading and nomination of daily energy production as well as project construction phases for offshore and onshore, and Metocean forecasts on routes and sites for the planning, construction, and O&M phase.

The company was founded with a focus on providing weather services for the wind sector and has through the years developed into providing advance power forecasting services, which are critical in a world with increased rate of energy coming from variable renewable energy sources.

In the last 6 years, the company has developed into a critical Data-as-a-Service and Software-as-a-Service provider of high-accuracy power forecasts used for energy trading on global electricity markets.

About Volaris Group

Volaris acquires, strengthens and grows vertical market technology companies. As an Operating Group of Constellation Software Inc., Volaris is all about strengthening businesses within the markets they compete and enabling them to grow – whether that growth comes through organic measures such as new initiatives and product development, day-to-day business, or through complementary acquisitions. Learn more on Volaris page.