Decision Management & Optimization
STOCKHOLM — February 13, 2019 —
- Ørsted has developed an innovative digital solution for the design of the cable layout of offshore wind farms, resulting in significant cost reductions, using FICO optimization
- Ørsted is the world's leading offshore wind farm developer and has 30 wind farms in operation or under construction
- Ørsted won a 2018 FICO® Decisions Award for AI, Machine Learning & Optimization
Ørsted, the world's leading offshore wind farm developer, has used FICO® Xpress Optimization to develop a novel digital solution for designing an important part of their wind farms. This has enabled the Danish company, which has 30 wind farms in operation or under construction, to achieve significant savings while reducing overall design time and improving its ability to investigate different scenarios. For its achievement, Ørsted was awarded a 2018 FICO® Decisions Award for AI, Machine Learning & Optimization.
More information: https://www.fico.com/en/products/fico-xpress-optimization
In offshore wind farms, the power produced by the turbines is sent via cables to transformer substations, where the power is bundled and sent to shore. Using FICO Xpress Optimizer and working with FICO reseller Artelys, Ørsted developed a tool called OptiArray to optimally design the cable layout connecting the turbines to the substations.
Ørsted reports a number of benefits from using FICO Xpress in its OptiArray tool:
- Ørsted realized significant savings which are applicable across their entire pipeline.
- Ørsted engineers can look for new ways to drive down cost of electricity by testing many "what-if" scenarios.
- The success proved the power of mathematical programming in general and FICO Xpress in particular, encouraging other parts of the business to use the power of optimal decision making.
“What impressed me about the Ørsted case is its development of complex models, given the nature of the optimization problem,” said Sid Dash, research director at Chartis Research, who has written extensively on risk analytics. “Innovations like this will help to make renewables a bigger piece of the global energy supply picture.”
“Ørsted demonstrated innovative mathematical modelling to solve this challenge,” said Steve Hadaway, general manager for FICO in Europe, the Middle East and Africa. “Our Xpress solution is built for innovators like Ørsted that need to crunch through millions of options to find the ideal solution in minutes.”
FICO® Xpress Optimization is composed of four core components: FICO® Xpress Insight, FICO® Xpress Executor, FICO® Xpress Solver and FICO® Xpress Workbench. Solving large complex optimization problems can be the difference between success and failure in today's marketplace. FICO Xpress Optimization allows businesses to solve their toughest problems, faster. FICO’s deep portfolio of optimization options enables users to easily build, deploy and use optimization solutions that meet their needs. Standard capabilities include scalable high-performance solvers and algorithms, flexible modeling environments, rapid application development, comparative scenario analysis and reporting capabilities, for on-premises and cloud installations.
Ørsted has a vision of creating a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore wind farms, bioenergy plants and innovative waste-to-energy solutions and provides smart energy products to its customers. Headquartered in Denmark, Ørsted employs 6,000 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2017, the company's revenue was DKK 59.5 billion (EUR 8.0 billion). For more information on Ørsted, visit orsted.com or follow us on Facebook, LinkedIn, Instagram and Twitter.
About the FICO® Decisions Awards
The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measureable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2018 judges are:
- Sid Dash, research director at Chartis Research
- Tanya Andreasyan, Editor-in-Chief, FinTech Futures / Banking Technology
- Anna Milne, editor at Finextra
- Julie Conroy, research director for Aite Group’s Retail Banking practice
- Andras Cser, principal analyst - security and risk professionals at Forrester
- Mon Pernia, head of consumer collections, Globe Telecom (2017 winner)
- John Rymer, principal analyst - application development & delivery professionals at Forrester
The winners of the FICO Decisions Awards will be spotlighted at FICO® World 2019, the Decisions Conference, November 4-7 in New York City.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 190 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at https://www.fico.com
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George Hood for FICO
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