Volue has announced a strategic partnership with Nordic energy company Fortum that entails the integration of Volue's innovative Smart Power software into Fortum's operations.
Fortum operates primarily in the Nordic region. Its core activities revolve around efficient, carbon-neutral power generation, and the provision of reliable electricity and to residential and commercial clients.
Volue Smart Power is a software solution designed to automate and optimize various aspects of energy production, planning, bidding, and trading. It was developed in collaboration with industry stakeholders to address the growing complexities within energy markets.
Under the terms of the new agreement, Fortum will leverage Smart Power primarily for inflow forecasting, thereby enhancing forecast accuracy and enabling more efficient utilization of water resources. Additionally, Volue will provide comprehensive training and consultancy services to Fortum's trading and dispatch teams to maximize the benefits of the software.
“Smart Power illustrates our awareness and appreciation that the automation of optimisation and trading processes are key if power producers are to stay competitive. Smart Power facilitates this, supporting our customers on the green energy transition and enabling them to seize opportunities for growth and profitability,” said Trond Straume, CEO, Volue. “This significant partnership with Fortum is one I take great deal of pride in. Their work across Sweden and Finland, supported by Volue, will help to generate and deliver reliable clean energy.
“By embracing automation and the strategic optimisation of assets, Fortum will join our clients across the Nordics, Europe and Japan to confidently navigate the ever-evolving energy market, enhancing their power production and contributing to the transition towards cleaner energy sources.”
Martin Lindström, Vice President of Business Services and Transformation at Fortum, added: “Fortum and Volue have had a long partnership over almost two decades, where Fortum has seen a clear positive contribution on our day-to-day trading processes. The Volue product suite has played a pivotal role in Fortum’s ability to optimise our assets towards the markets and to create secure and sustainable production plans for our hydropower. This all contributes to our strategic priorities to deliver reliable clean energy and drive decarbonisation in industries.
“As the market has been undergoing significant changes in terms of regulatory requirements, demand growth, high entrance of renewables and an increased price sensitivity, it sets new demands on Fortum’s process and systems to continuously be relevant and successful. Fortum clearly sees the Smart Power software suite as one key building block for our continuation of secure, compliant and competitive trading and dispatching of our assets.”
