AI and Digitalization in Energy Sector
Digitization has enabled the redefinition and effective transformation of various industries and technological innovations. The contemporary concern of global warming in combination with the utilization of electricity has brought about the need for establishing not only a clean and sustainable but also a profitable and commercialized scale energy sector deeming the need to transform from a centralized to a distributed electric power grid. Additionally, integration of variable renewable energy sources (VREs) proves to be challenging in this transformation demanding an expeditious need for new grid standards that enables restructuring of the existent and addition of auxiliary support. Therefore, the energy sector is now at a pivotal juncture to optimize the power grid, utilize VREs while maintain cost-effectiveness. New breakthroughs in digital technology have the potential to bring about significant shifts in our energy supply as well as our commerce and consumption patterns. Advanced technologies powered through artificial intelligence (AI) and machine learning are the driving force behind the newly developed digitalization paradigm. Smart software that streamlines decision-making and improves operational efficiency will govern the autonomous integration of energy supply, demand, and VREs into the power grid. This will result in optimal decision-making and operations. The presenter will give an overview of digitalization in energy sector.
