Big data analytics is a vital cog in net-zero ambitions, helping reduce energy consumption and improving energy efficiency. The big data analytics market in the energy sector is expected to grow at a CAGR of 11.28% from 2021 to 2026.
Why Power & Utilities are Betting Big on Big Data Analytics
Europe’s energy companies are taking massive strides in meeting the demand for energy (renewable or otherwise). They need to rely on advanced analytics to narrow the data collected from the thousands of sensors they use. This data helps to evaluate the market’s electricity demand, detect faults on assets, and provide all the insights required for a smooth-running asset. Or to put it across differently, the utility companies can use big data to:
- Improve energy efficiency and savings
- Turn data into insights
- Give valuable customer experience
Through analytic tools, artificial intelligence (AI) and machine learning, big data allow companies to build a more holistic model of operability and efficiency. Some experts believe big data has disrupted existing Power & Utility companies’ business models by changing mindsets and improving decision making.
We will explore this topic further at our “Big-Data Analytics in Power & Utilities Conference” on October 26th and 27th. Rachel Berryman, Deputy head of AI Center of Excellence, 50 HERTZ (Germany), is sharing insights on this topic.
Data, data everywhere. how to gain insights?
There is too much data around us. Almost 2.5 quintillion bytes of new data are created per day. Data that is the most prized can soon appear as a weak point from a security point of view, especially with the rate of rapid growth.
The storage of these massive amounts of data is an issue. Popular forms of data storage, such as data lakes/ warehouses, mix unstructured and inconsistent data, giving rise to missing or duplicated data and other such data quality issues.
Now, though, there is a lot more data, and a lot less skilled workforce to make sense of it. Even skilled professionals could grapple if a mountain of data is thrown at them.
Along with the possibilities and opportunities that Big Data provides, so come the potential security risks. Almost all Big Data tools need to access data to analyse it, but how much exposure is too much.
How P&U’s are growing with big data
Utilities globally have invested in sophisticated technologies, including artificial intelligence and digital twinning, to better predict and maintain their assets.
We could see Italy headquartered Enel as an early adopter. Enel Green Power projects use digital information to make their solar, wind, hydro and geothermal technologies more efficient. They already have over 1200 Enel Green Power plants worldwide, passing on a significant amount of data daily. Organising this data and turning it into insights is where the value is. And within a six-month trial period, they have vouched that Big Data has helped them improve their plants’ reliability, timing, and accuracy.
E.ON Future Lab has combined big data and blockchain to give their customers better control of data. Their product can ‘open’ parts of these analyses through a traceable framework.
We see utilities beefing up their smart grids by using Big Data as a strategic tool. Abed Ajraou, Head of Data and Insights at E.ON Next is one of the other speakers joining us for your Big Analytics Conference who can shed more light on this.
What is interesting is that 65% of electricity companies will have heavily invested in digital technologies by 2023. The wealth of data pouring in through grid equipment, smart meters, etc., can be streamlined to make better decisions. Smart grids bolstered with Big Data Analytics can send and analyse real-time data for better predictive analytics and fault detections.
This will be a big boost for companies to better their operational efficiencies, and to bring down costs and carbon emissions. In the end, the biggest benefactor is the end consumers. A French startup called BeeBryte, for instance, used AI algorithms and automated control of heating-cooling equipment to reduce utility bills. And with advanced weather forecasts, occupancy, consumption and other such patterns, their customers could get 40% savings in their utility bills.
To be in the know about how Big Data is shaping the future of energy, and to benchmark best practices with the best big data experts in European Energy Industry, register for our upcoming virtual forum on Big Data Analytics for Power & Utilities 2021.