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Customer Success Story
Northland Power

Modeling and quantifying renewable energy project risks

The client

Northland is a Canadian global power producer dedicated to accelerating the clean energy transition by producing electricity from renewable resources. Founded in 1987, they have a long history of developing, building, owning and operating green energy infrastructure, and are a global leader in offshore wind. Northland owns and manages a diversified generation mix including offshore and onshore renewables, and efficient natural gas, as well as supplying energy through a regulated utility. 

The challenge

To support expansion of their renewable energy asset base, development of new projects, and acquisitions of multiple renewable energy assets, Northland’s goals were to better understand:

1. Economics behind options of developing various wind and solar sites, particularly based on expected energy market prices

2. Feasibility of Renewable Energy Certificate (REC) price developments as an additional source of revenues for future and existing renewables assets especially in NY

3. Needs analysis relating to basis risk, curtailment, capacity, and battery storage efficiency

The solution

To enable better and faster decision-making, Northland initially started with Hitachi energy market intelligence reports to understand the economics of their various project development options. To further understand US state-level REC prices and how to leverage these as part of their business model, Northland Power also collaborated with the Energy Market Advisors from Hitachi Energy. The goal was for project development timelines and acquisitions to be faster, less costly, and more profitable.

The result

Advanced energy market price forecasting enabled Northland to meet their various challenges. Hitachi Energy’s energy market price intelligence was utilized specifically for Northland Power and developed using market leading modelling software which includes stochastic methodologies to yield the best scenarios.

"The Hitachi Energy team has always been highly responsive and well-informed on Eastern interconnect power market dynamics and have provided deliverables on-time and on-budget."

John Ell, Director - Market Analysis at Northland Power

Overview  
Location Canada
Industry Renewables, Power Generation
Solutions used Power Reference Case, Advisory Services