The API-led approach to digital scale and industry growth
As decentralisation of the energy market drives the rise of a host of smaller industry players, easy access to digital products at volume is now an essential factor for the rapid scalability desired by those at the cutting edge of innovation. A bespoke product offering with a personal one-to-one offline approach is no longer sufficient in today’s digital times. In fact, it only hinders growth and makes the creation of a digital partner eco-system – vital for collaboration and scale – almost impossible.
We have seen in other industries how the API offers the most streamlined approach to offering a digital product or services at scale. The energy industry however remains behind the digital curve, and API integration remains frustratingly low. It is a challenge which Energy Quantified encounters on a regular basis and one which the company is keen to spotlight and lead the way with a solution through a partnership with re.alto.
Set up in 2017 by three veterans of the power industry and now part of the Montel Group, Energy Quantified (EQ) is a leading provider of high-quality pan-European data and market intelligence. The company sets the standard for modelling and forecasting of the short-term power market, and delivers a vast range of advanced analysis tools, such as weather-powered price forecasts.
The devastating Covid-19 pandemic and its impact on global energy demand has placed even greater importance on the ability to accurately assess and forecast the markets. EQ’s data in particular has provided key insights throughout the Covid crisis into the state of the power industry across Europe, including analysing the impact on spot pricing and forecasting demand recovery scenarios.
As a forward-thinking company pushing the boundaries of digital innovation, EQ recognises the value of digitalisation to its customer base – from analyst and trader to developer – and provides access to its data sets through a range of easy to use APIs. Despite the API availability however, many EQ customers continue to interact with the company through the EQ portal, leaving levels of direct API integration low.
By making their APIs available on the re.alto marketplace, EQ is looking to encourage greater client adoption of the digital end-to-end sales process which is vital for operational and cost efficiency.
Hugo Birkelund, EQ’s CEO and co-founder said: “We believe an acceleration of this digitalization is an inevitable result of a competitive energy sector. EQ’s contribution is to support power-data within a cutting-edge infrastructure. Teaming up with re.alto was just a natural step for us. Together with re.alto we can further simplify data sourcing and facilitate companies to scale their business with a minimum of associated friction and cost.”
Take a look at EQ’s APIs on the Marketplace