Every year, more than 12 terawatts of power are used worldwide to power everything from automobiles and household appliances to streetlights, supercomputers and industrial factories. More than 10% of world GDP is spent on energy and more than 90% of this energy comes from fossil fuels (oil, gas and coal), followed by renewables (water, wind, solar, biomass and geothermal) – the fastest growing share – and by nuclear energy.
Energy has a few unique features that make Julia a great choice for trading, supply and demand forecasting, network management and more:
- Tradeable commodities: oil and natural gas are two of the three most traded commodities in the world.
- Tradeable energy: once converted into energy, that energy can be transmitted, bought and sold.
- Variability: energy is a product for which spot demand and supply frequently surge and collapse in response to events (e.g. weather) and in ways that are highly unpredictable.
- Transmission and storage: energy transmission and storage require expensive infrastructure and often lead to large efficiency losses.
- Short-term fixed capacity: it takes years to design and build a power plant.
- Reliability: critical functions such as hospitals, breathing machines, traffic lights, air traffic control operations, sanitation, water purification plants and more rely on reliable energy.
As a result, energy traders, managers and others throughout the energy industry require software that is:
- Capable and efficient when handling massive real-time data inputs
Which is why they rely on Julia.
Julia users in the energy sector include:
- AOT Energy: Using Julia to value swing options, perform Monte Carlo simulations and options valuations for energy trading.
- Invenia: Using Julia to manage the North American electrical grid.
- Tangent Works: Using Julia for machine learning for energy management. Tangent Works provides grid managers and distributors with tools and a proprietary Tangent Information Manager (TIM) platform for real-time energy forecasting and management. Tangent Works also used Julia to win the 2017 Industrial Internet of Things (IIoT) hackathon organized by Andritz and Pioneers Discover.
US Department of Energy national laboratories using Julia and hiring Julia programmers include:
- Los Alamos National Laboratory
- Lawrence Livermore National Laboratory
- National Energy Research Scientific Computing Center
- Lawrence Berkeley National Laboratory
- Oak Ridge National Laboratory
- National Renewable Energy Laboratory