Power to the energy industry! The story of TESLA Europe & MeteoGroup
Sorry not sorry: this is not an article about the Elon Musk version of Tesla. This article is about TESLA Europe, the forecasting company that offers demand forecasting solutions to energy companies. So, to all of you that are interested in self-driving cars and life on Mars: you’re all excused. To those of you that want to learn more on smart energy distribution: keep on scrolling, because we have news for you.
The power of power
Ok, so let’s skip the part where we tell you how brilliantly TESLA develops energy demand models and forecasting solutions since the early 90s. They do, but as we’re also their partner, we can’t claim to be objective.
Let’s talk about you instead. If you’re in energy, you know that our society is built on electricity. Without it, households, companies, and car drivers (still there Elon fans?) would be thrown back to the late 1800s, struggling with candles and typewriters. Today, power is so important to people, that blackouts can cause billions worth of damage - amounts that can ruin a company or even an entire industry.
Everybody wins - everybody loses
But that’s not the whole story. As opposed to blackouts, congestion in overhead power lines happens on a daily basis, causing trouble for energy providers, TSOs (Transmission System Operators) and, of course, the energy consumer. In the case of congestion, energy providers can’t live up to their promises, meaning they risk reputation management or a loss of customers. TSOs, in turn, are fined by the energy providers by not keeping their business commitments. Energy consumers may not be able to do their job and risk losing business, or, in the case of healthcare, lose lives. Hence, in case of congestion, everybody loses.
The TESLA Model is an advanced regression-based model that’s designed to be responsive to weather, clock, and calendar variables and is particularly responsive to extreme weather events and holidays. Every model is built and maintained by analysts dedicated to a comprehensive understanding of the area and the resource being modelled, and the reliable and timely delivery of the forecasts generated by those models is ensured by a team of engineers spanning the globe.
- Kevin Yates
Business Development Director TESLA (Europe) Ltd
Top-class analysts meet sophisticated models
The situation described above is far from desirable. Unfortunately, congestion of power lines isn’t easy to avoid. It occurs when energy demand rises unexpectedly, or when hot temperatures warm up the power lines, reducing their transport capacity. This scenario is where TESLA Europe comes in. Since the early 90s, they study energy consumption patterns and how these patterns relate to the weather. They work with top-class analysts that develop sophisticated models to help companies in the industry sector to increase their performance. Because the more you know about energy consumption, the higher the quality of your products and services.
MeteoGroup and TESLA Europe: the perfect couple
This situation is also where MeteoGroup comes in. For more than ten years, our analysts have provided TESLA analysts with accurate weather forecasts, historical data, and weather models to create value-adding solutions. The combination of TESLA Europe and MeteoGroup created a robust and integrated product that offers clients a sophisticated modeling approach with a hyperlocal, accurate, and actionable weather forecast. The net result is that clients have access to a precise energy demand forecast, which, in turn, improves business competitiveness, risk management, customer loyalty, and maybe even lives. You might say that TESLA Europe and MeteoGroup are the perfect couple. They complement each other and form a partnership that’s greater than the sum of its parts.
Interested in demand forecasting?
If this story resonates with you, then you’re not alone. Many customers have gone before you, and integrated demand forecasting in their strategic decision processes. Want to know how it could benefit your business? Contact TESLA Europe here, and they’ll contact you as soon as possible.
You can also contact us. After all, we’re partners! Click on the button below and get in touch!
The TESLA Model is an advanced regression-based model that’s designed to be responsive to weather, clock, and calendar variables and is particularly responsive to extreme weather events and holidays. Every model is built and maintained by analysts dedicated to a comprehensive understanding of the area and the resource being modeled, and the reliable and timely delivery of the forecasts generated by those models is ensured by a team of engineers spanning the globe.