Weather Risk Analysis and Management
Apart from influencing a large number of production processes, the weather also influences consumer behaviour and thus the demand for a wide range of products and services. For example: Think how much more concrete the ability to plan food use in the catering industry would be if the weather risk for the next 5 days were known.
Our research focuses on:
- Weather Risk Management
- Supply and demand forecasts
- Risk Perception
- Modelling of disaster risks
The more companies know about weather risk, the more precisely they can optimise business processes and become more sustainable.
The impact of weather on supply and demand is industry-specific and generally varies from region to region. High-resolution weather and climate data are used to analyse and forecast weather-dependent processes in detail. This is a basic prerequisite for strategic planning and evidence-based decision-making.
LIFE specialises in developing appropriate tools to provide support in weather risk analysis and weather risk management. By means of WEDDA®, we are in a position to offer companies in numerous fields customised weather-based solutions, for example, in tourism and leisure, wholesale or retail, beverages or energy supply.
Supply and demand forecasts
To achieve the climate targets, it is necessary to significantly expand renewable energy resources such as solar energy, wind energy, hydropower, bioenergy and geothermal energy. Renewable energy supply is set to increase tenfold in the near future. The high volatility of wind and photovoltaics (PV) poses a great challenge for electricity grids. In order to establish the most efficient load management possible, highly accurate feed-in and demand forecasts are necessary, and these forecasts must be capable of a high level of temporal and geographical resolution.
As a result, for years now LIFE has been engaged in research on how to improve the forecasting accuracy of models and on how to reduce grid load by balancing supply and demand.
LIFE uses WEDDA®-S (Weather Driven Demand and Supply Analysis) to conduct operational forecasting systems that provide our customers in the energy industry with continually updated forecasts of supply and demand based on constantly improved forecasting models.
As part of several EU projects, research is being carried out on the use of these forecasting models in the area of local energy communities.
Risk Perception and Stakeholder Participation in Climate Risk Management
Modelling of disaster risks
As extreme natural events and the associated economic damage have increased in recent years, and, partly due to climate change, are likely to rise further in future, it has become all the more important to have access to detailed information on potential risks and damage.
We have been working for years on the modelling and simulation of disaster risks and damage and are thus able to provide important fundamental information for disaster risk management, e.g. in the area of cost-benefit analysis of protective measures, or relating to financial risk transfer.
In addition to fundamental research on the further development of methods and models, we also provide practical support for policymakers and stakeholders from the insurance sector.