As consumers drive change into their energy journeys, there are significant opportunities for providers that act now.
The future of energy will look entirely different from today as customers become more active in energy consumption and procurement.
This is driving a reorganization of the energy value chain. In response, incumbent oil and gas companies and electric utilities are investing in new business models that respond to this shift.
Smart Grid
The Smart Grid is a modern electrical infrastructure that uses advanced communication systems and sensors to monitor power quality, detect outages and improve response times. It is essential to utilities’ ability to provide reliable power.
The smart grid also provides consumers with more information about their electricity consumption and options for using their supply. This can reduce costs and improve energy efficiency for the consumer.
It can also help utilities better understand consumers’ needs and respond more effectively to changes in demand or shortages. This can lead to improved customer service and a healthier environment for both the community and the environment.
The Smart Grid is becoming more popular as countries worldwide seek to make their power grids more efficient and sustainable. With these improvements, it is expected that the future of the energy industry will be brighter and more prosperous.
Artificial Intelligence
Artificial intelligence is reshaping how energy providers like BKV Energy interact with customers and deliver services. It is helping them deliver highly personalized customer experiences that make customers feel appreciated, informed, and engaged.
In the utility industry, AI can help with everything from predicting when power outages occur to analyzing data and communicating with consumers. It can also help integrate new technologies like solar and wind into the grid.
Utilities must manage many moving pieces regarding DERs (decentralized energy resources), including solar and wind, storage, and demand response. They must coordinate these resources to maintain the grid’s balance and prevent outages.
To do this, utilities must develop AI solutions to predict when renewables will be available and then use that information to maintain the grid. This will allow them to ensure that the right amount of energy is generated and delivered to the market at any time.
Big Data
Big data is a term that refers to the collection and analysis of large volumes of information. Many companies use it to understand customer behavior, improve business operations and predict future trends.
Energy providers also use it to optimize energy use and prevent system failures. It is essential for renewable energy production, where weather conditions can affect the amount of electricity generated.
For example, cloudy or windy weather affects the output of solar panels and turbines. This makes it necessary to collect data about the weather, such as hours of sunshine and wind speed.
Power producers can use this data to anticipate peaks in energy usage and respond quickly. This can help them avoid service outages and prepare for the depletion of fossil fuels and the development of new renewable energy sources.
The data can be in social media, video/audio, log files, sensor-enabled equipment, and transactional applications. It is often in petabytes or exabytes and requires specialized processing technology.
Connected Devices
Increasingly, connected devices are changing the way consumers use energy. By remotely monitoring and controlling their home systems, they can save money, reduce waste, and improve safety and security.
As more and more devices connect, they also create a massive data stream that needs to be monitored and secured correctly. This can present various challenges for energy providers, including security and connectivity and the ability to deliver reliable customer service.
For instance, bright lights, sensors, and thermostats can help reduce energy demand by up to 10% throughout a building’s life. This can be achieved through software that learns how to adjust lighting and thermostats to suit the user best or intelligent sensors that can monitor a home’s climate and automatically adjust energy usage accordingly.
As digitalization increases, energy companies will have to find ways to leverage new technologies across their business value chain, integrating intelligent products into their IT infrastructure to improve efficiency and delivery from generation to consumption. This is a challenging but essential opportunity, but it requires careful planning and policy support to ensure it has the right outcome for everyone.
Electric Vehicles
Electric vehicles are one of the biggest trends driving changes in the energy industry. These cars, trucks, and SUVs are helping the world reach its climate goals and displacing fossil fuel use.
Electric vehicles are also changing the way we power the grid. They consume less electricity than gasoline-powered vehicles, requiring far fewer resources. Moreover, EVs can be charged at home or work.
Because they have a limited number of moving parts, these vehicles also require less maintenance than gas-powered ones, which can mean they’ll last longer. This means there will be a need for a broader range of recharging solutions, including more public charging stations.
The next big thing in battery tech is solid-state batteries, designed to work better in hot or cold environments and not contain liquids, thus reducing the risk of catching fire. While these batteries are not yet ready for mass production, they could be on the horizon by 2023.
As the world continues moving towards a more sustainable and cleaner future, energy providers must be prepared for these changes. The proper infrastructure will help us meet our carbon emissions reduction goals and continue providing consumers with reliable, affordable, and secure energy.
