In the past years, this has manifested in the increasing volatility and unpredictability of energy prices. Furthermore, maintaining a stable grid requires precise balancing of supply and demand. Volatility makes it challenging to keep the grid stable, increasing the risk of blackouts, power surges, and other disruptions.
Thanks to its flexible nature, hydropower currently plays the most important role in stabilising energy generation in the Nordics. However, it is also important to add flexibility on the demand side. Energy users can help by adjusting their consumption patterns, storing extra energy when there is an oversupply, and using energy when renewable generation is high. By making the energy demand more flexible, demand response contributes to a more resilient and efficient energy system, says Gustav Eilertsen, Vice President at Fortum Innovation & Venturing.
Fortum offers innovative solutions to help businesses and individuals manage and even benefit from variability in energy production
Businesses that can adjust their energy consumption can create new revenue streams or lower their energy costs. This might involve reducing energy use during peak-rate periods or participating in special programs where they get paid to help balance the electricity supply and demand. One of Fortum’s innovations is Fortum Spring, which helps in balancing the power gridby using flexible energy consumption. For example, if an industrial operator, such as a data centre, can be flexible with their electricity use, this flexibility can be utilised to balance the power grid when needed. This cooperation benefits both the datacentre and the entire electricity system and its users.
For individuals, energy flexibility means the ability to lower energy use or shift it to times when it's cheaper. Hiven, a Fortum venture, is an innovative energy management platform designed for consumers, businesses, and utilities. With Hiven, users can optimise their energy consumption, incorporate renewable energy sources like solar panels, and participate in improving the overall stability of the energy system. The platform helps users understand their energy habits and find ways to save money while also making energy consumption more environmentally friendly. Hiven also coordinates various energy resources, ensuring that everything from home solar panels to battery systems work smoothly together.
As the amount of variable renewable energy continues to grow in the Nordic energy system, managing the increased volatility requires innovative solutions. At Fortum, we are actively developing these solutions in collaboration with our customers and partners. We already offer tools like Fortum Spring and Hiven and by adopting their innovative approaches, we can help reduce the impacts of unpredictable energy prices for users and, for our part, accelerate the transition to a cleaner, more resilient energy system. Looking ahead, cooperation between industry, utilities, policy makers and consumers will be essential for navigating the complexities of energy management and ensuring a sustainable energy future for generations to come.
