Weather Risk Analysis and Management
The weather influences a large number of production processes, but also 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 is known.
The better companies know the weather risk, the more precisely they can optimise business processes and thus become more sustainable.
The dependence of supply and demand on the weather is industry-specific and in general regionally differentiated. With the help of detailed analyses using high-resolution weather and climate data, weather-dependent processes can be analysed and subsequently forecast. This is a fundamental condition for strategic planning and evidence-based decisions.
LIFE specialises in developing appropriate tools to provide support in weather risk analysis and weather risk management. With WEDDA® we offer customised weather-based solutions for companies, for example from the tourism and leisure industry, wholesale and retail, the beverage industry 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. The supply power will increase tenfold in the near future. The high volatility of wind and photovoltaics (PV) poses a great challenge to the electricity grids. In order to establish the most efficient load management possible, highly accurate feed-in and demand forecasts with high temporal and geographical resolution are necessary.
LIFE has therefore been researching new methods for years to improve the forecasting accuracy of models and to reduce grid load by balancing supply and demand.
Using WEDDA®-S (Weather Driven Demand and Supply Analysis), LIFE conducts 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
Extreme natural events and the resulting economic damage have increased in recent years and will most likely continue to rise, partly due to climate change. Therefore, it is all the more important to have detailed information on risks and damage potentials available.
We have been working for years on the modelling and simulation of disaster risks and damages and thus provide important fundamental information for disaster risk management, for example in the area of cost-benefit analysis of protective measures or financial risk transfer.
In addition to fundamental research for the further development of methods and models, we support political decision-makers as well as stakeholders from the insurance sector with practical applications.