May 28, 2020
Map-based SaaS tool provides unprecedented transparency and insight into clean energy markets, illustrating today how COVID-19 has impacted renewable projects and driven record-setting low prices.
BOSTON, May 28, 2020 /PRNewswire/ — A new information services product that harnesses a massive project performance dataset and suite of financial analytics that industry leaders use to make long-term asset and contract decisions for wind and solar energy has revealed that the low energy demand during the coronavirus shutdown, combined with low natural gas prices and high renewable generation, has resulted in unprecedented low power prices in multiple U.S. markets.
REsurety, the industry leader in clean energy valuation and risk analytics, said the insights available from its Renewable Energy Market Analytics Platform (“REmap”) include that the production-weighted wholesale price of electricity for wind projects fell to all-time lows during the COVID-19 pandemic across markets including SPP, PJM and MISO – with extreme lows reaching below $2 per MWh for the entire month of April in high wind penetration regions such as Oklahoma.
REsurety today is publicly announcing the launch of its REmap information service. The REmap tool integrates weather and power market data at an unprecedented scale, calculating hourly financial performance for 15,000 operational and greenfield locations, which REsurety uses to provide clients with the industry-wide context and site-specific depth of insight needed to make better decisions faster.
“We’re expanding the access to our secret sauce,” said REsurety CEO Lee Taylor. For years, REsurety has used its proprietary data and analytics to support the analysis of hedging instruments. Now, through REmap, REsurety makes that insight available by subscription to support a much broader set of use cases, including greenfield prospecting, M&A diligence, and offtake and hedge analysis.
“Clean energy markets are going through a revolution,” Taylor added. “The scale and complexity of risks facing clean energy projects and their offtakers are at an all-time high. Understanding and managing those risks requires a step change in information – and that’s why we built REmap.”
REmap leverages REsurety’s unique expertise at the intersection of atmospheric science, power market modeling and big data. Billions of data points from many sources are collected, cleansed, and analyzed to provide the financial metrics that are critical to renewable energy decision makers’ success. Existing customers include developers, hedge providers, C&I buyers, and advisors.
“REmap is a sea change in the access to quantity and quality of data,” said Joan Hutchinson, Managing Director of Marathon Capital, an early REmap client. “It has assisted Marathon in providing our clients with data-driven insights and solutions efficiently – even before project data is shared.”
Jim Howell, CEO of Birch Infrastructure, also a REmap client, commented, “Identifying the optimal location to invest in renewables has always been somewhat of a dark art – relying on intuition and point-specific analyses. REmap gives us the information we need to truly optimize our procurement and hedging activities.”
Reposted as in PR Newsire.