Earth Networks Partners with EarthRisk Technologies to Provide New Weather Forecasting Application for Energy and Utility Markets
TempRisk Application Analyzes Threat for Extreme Summer Heat up to 40 days in Advance Using Patent-Pending Methodology Developed at Scripps Institution of Oceanography, UC San Diego
Germantown, Maryland and San Diego – May 5, 2011 — Earth Networks™, the provider of WeatherBug® products and services and operator of the largest weather observing and lightning network, announces a new partnership with EarthRisk Technologies to launch TempRisk, a new long-range weather forecasting solution designed to provide more advanced warning of major heat waves and cold snaps. Designed for professionals in the energy and utility sectors who manage energy resources and invest in commodity futures, TempRisk analyzes the risk for extreme hot and cold weather up to 40 days in advance. The TempRisk Summer module, which focuses on assessing the possibility of summer heat waves, is now available through Earth Networks.
Earth Networks offers a comprehensive suite of energy and utilities solutions and is now enhancing the portfolio to provide the most advanced long-term forecasting technology. TempRisk is available now and offered through an exclusive partnership between EarthRisk and Earth Networks, the only authorized distributor of the TempRisk solution.
Through an improved understanding of global weather extremes, TempRisk users can be better prepared to make financial decisions and manage their energy resources. TempRisk features a streamlined web interface for users to examine various geographic regions and toggle easily between analysis of extreme heat and extreme cold. The TempRisk Summer module identifies certain atmospheric signatures, such as bursts of thunderstorms in the southwest Pacific Ocean, which are statistically significant for forecasting heat waves in the United States and Europe with a lead time as long as 35 to 40 days.
To develop this breakthrough web-based forecasting tool, EarthRisk collaborated with researchers at one of the world’s largest and most important centers for earth science research, Scripps Institution of Oceanography at The University of California, San Diego. Scripps research is incorporated into the TempRisk platform, which contains advanced algorithms that use more than 60 years of global weather patterns to assess the risk for future extreme temperature events.
“When it comes to predicting extreme weather, the past is certainly paramount,” says Stephen Bennett, Founder and CEO, EarthRisk. “Our process for linking past weather patterns to future weather extremes had an 80% hit rate in the winter of 2010-2011 for part of the United States. Advanced indications of extreme weather events are critical for energy traders, energy analysts, utilities, and others with a vested interest how weather impacts commodity markets and resource planning.”
In the fall of 2010, energy and utility analysts used EarthRisk to receive advanced warning 15 to 20 days prior to the season’s most severe cold outbreaks. In November, a TempRisk analysis pinpointed – approximately 20 days prior to its arrival – the record cold-air mass that affected more than 80 million Americans in mid-December. At the same time, across the Atlantic, TempRisk also identified an elevated risk for prolonged severe cold in Europe. Last winter, the United Kingdom experienced its coldest December in 100 years, during which time natural gas demand spiked to record levels and prices hit a two-year high. Visit the EarthRisk site to review more details on the winter performance of TempRisk.
Vince Kaminski, Professor in the Practice of Executive Education at Jesse H. Jones Graduate School of Business at Rice University, has nearly 20 years of experience helping energy traders and risk managers apply weather forecasting technology to develop trading and hedging strategies. He says, “The TempRisk tool developed by EarthRisk Technologies is one of the most interesting and promising breakthroughs in this area. It is very difficult to produce consistent, high returns based on short- and medium-term forecasts, given the competitive nature of energy trading and the wide availability of high-quality weather consulting services. A reliable forecast of high-impact weather events with a 20 to 30 day horizon enables traders to develop an optimal strategy and accumulate positions over time without moving the market.”
“We are pleased to partner with EarthRisk to bring an advanced solution for predicting extreme weather events to customers around the globe,” says Earth Networks Chief Technology Officer Christopher Sloop. “TempRisk is a groundbreaking web-based solution that perfectly complements our comprehensive and innovate solutions suite with highly practical applications in the energy and utility markets. It also shows promise for benefiting the agriculture sector. The research and energy trading communities have awaited a solution with the ability to make longer-term forecasts possible, and we are pleased to be able to offer this exciting new product.”
To learn more about the solutions available from Earth Networks for the utilities and commodities markets, visit http://weather.weatherbug.com/weatherbug-professional/products/forecasting/EarthRisk.
EarthRisk Technologies is redesigning the link between weather and business decision-making. We leverage a unique approach of applying precursor weather information as a basis for predicting extreme temperature events at lead-times up to forty days. Our software is a solution designed for intuitive application by analysts who link weather to business decisions such as energy resource planning and commodity investments. We link EarthRisk's cutting-edge atmospheric research to real-world applications through intuitive analytic interfaces. Our platform analyzes the risk for extreme winter cold and extreme summer heat up to forty-days before it occurs. The atmospheric research and algorithms are patent pending and were developed at UC San Diego's Scripps Institution of Oceanography. EarthRisk is proud to be the exclusive commercial licensee to this technology.
Learn more at www.earthrisktech.com.
About Earth Networks™
Founded in 1993 as AWS Convergence Technologies, Earth Networks operates the largest weather observation and lightning networks in the world and is establishing a global environmental data network on an unprecedented scale. Earth Networks owns and operates the WeatherBug brand, which precisely monitors, organizes and distributes global weather information. The WeatherBug consumer brand (http://www.weatherbug.com) reaches millions as a trusted source for live, local weather information, while the WeatherBug professional brand (http://www.weatherbugprofessional.com) serves a variety of markets that include federal, state and local governments, education, agriculture, energy and utilities, sports and recreation, media and transportation. Each day, consumers and organizations, including the National Weather Service, turn to WeatherBug to plan daily activities, safeguard lives and improve business operations. Earth Networks is based in Germantown, Maryland and is online at www.earthnetworks.com.