How Digital Technology helps the Energy and Utilities
How Digital Technology helps the Energy and Utilities
It goes without saying that the demand for electricity is reaching its peak for multiple reasons like population growth, rapid development in technology, the radical shift towards digitalization and automation, the growing awareness of the environmental impact of traditional energy, etc.
Experts predict that global electricity demand will increase at a faster rate of 3% per year between 2023 and 2025 compared to the previous year..
Expressing the same idea, Gartner’s Distinguished VP Analyst, Rich McAvey suggests that energy companies are leveraging digital innovations to boost efficiency, revamp operations, and explore new revenue streams. CIOs and digital leaders should align their technology investments with broader business objectives to achieve these goals.
Digital technology, without a doubt, has revolutionized the way we live and work. The energy and utilities industry are no exceptions. From smart grids to predictive maintenance, digital technology has transformed the way we generate, distribute, and consume energy.
Meanwhile, we got into a discussion on How digital technology is transforming the energy and utility sector with industry leaders.
Our expert panelists included:
– Dattatri Nagaraj, Chief Business Officer, InfoVision (Moderator)
– Waco Bankston, SVP, CIO, NiSource
– Michael Pfarrer, Vice President of IT
Here is an insight into our interesting discussion on Emerging technology trends and the future of Utilities and energy sector
The rapid emergence and evolution of new technology-based innovations in the utility industry is expected to create a new generation of utility services that will allow people to benefit from the power of tomorrow. Below are the innovations that are digitalizing the energy and utility sector.
1. Enhanced grid management and energy efficiency
One of the most significant advancements in the energy industry is the development of smart grids.
By integrating digital technologies like smart meters, sensors, and automation systems, utilities can manage the grid more efficiently, balance supply and demand, and minimize energy losses.
In short, Smart grids use digital technology to monitor and control the flow of electricity from power plants to consumers. This, in turn, boosts energy efficiency and reduces costs for both utilities and consumers.
With smart grids, energy providers can quickly identify and address outages and potential problems before they affect customers. This reduces downtime and improves the reliability of the energy supply.
2. Accelerated adoption of Renewable Energy
The integration of digital technology is facilitating the adoption of renewable energy by optimizing the integration of solar and wind power into the grid, making renewable energy sources more accessible and cost-effective.
The best examples are the solar panels and wind turbines, that are now more efficient and affordable!
Energy providers can use digital technology to monitor and optimize the performance of these renewable energy sources, ensuring they are generating the maximum amount of energy possible.
In addition, utilities are utilizing data and analytics to enhance the planning and management of renewable energy projects, which is reducing costs and improving project outcomes.
3. Predictive Maintenance
Another way in which digital technology is helping the energy and utilities industry is through predictive maintenance.
Digital technology is enabling utilities to monitor and manage their assets in real-time, allowing them to predict and prevent failures before they occur.
Predictive maintenance uses sensors and data analytics to identify potential issues before they become serious problems. This approach minimizes unplanned downtime, reduces maintenance costs, and enhances asset reliability.
4. Energy Storage
According to a Bloomberg NEF report, the global energy storage market is anticipated to grow to 741 GWh by 2030, with an investment of $620 billion in energy storage systems over the next decade.
Digital technology has also enabled the development of more efficient energy storage systems.
Energy storage is essential for renewable energy sources, as it allows energy providers to store excess energy generated during peak hours for use during times of low energy production.
Digital technology has made it possible to develop more efficient and cost-effective energy storage systems, making renewable energy more viable and accessible.
5. Customer Engagement and Satisfaction
Finally, digital technology has also helped energy providers to engage with their customers in new and exciting ways. For example, energy providers can use digital technology to provide customers with real-time data about their energy usage, helping them to understand their energy consumption and make more informed decisions about how they use energy.
Also, digital technology provides utilities with the tools to engage more effectively with their customers, through self-service portals, mobile apps, and social media channels. These tools enable utilities to provide personalized services, respond more quickly to customer needs, and build stronger customer relationships.
This can help to reduce energy waste and save customers money on their energy bills.
At the end
So, we have seen how digital technology has revolutionized the energy and utilities industry in numerous ways.
By 2025, digital technologies could save the energy and utilities industry $150B and cut 6.5 billion metric tons of carbon emissions, per an Accenture report.
The intriguing discussion between our subject-matter experts revolved around smart grids, predictive maintenance, renewable energy, and more. These technologies have made the energy industry more efficient, reliable, and cost-effective, while also empowering customers to make more informed decisions about their energy usage.
You can hear the complete discussion here in this video:
As technology continues to advance, we can expect to see even more exciting developments in the energy and utilities industry. We will keep you engaging with many more videos soon. So, stay tuned to Aicorespot.