The use of AI in the energy sector is increasing steadily. After a slow and patchy start, the energy market has now realised the incredible potential offered by artificial intelligence, especially in terms of resource management, cost reduction and environmental protection.
The AI/energy and power combination has led to some highly efficient solutions involving issues such as improving energy access and availability, storage and use (including safety measures and protection), as well as reducing reliance on fossil fuels.
AI strengthens the smart grid
In order to reduce the costs of energy consumption, more and more companies and governments are introducing the so-called smart grid. It is a complex system comprising several different levels including: smart meters, intelligent appliances and renewable energy sources.
The idea is to gather as much data as possible (regardless of data type), so as to optimise decisional processes and make a more informed use of available assets. Considering that the amount of information gathered increases daily, linking IA with the smart grid provides a significant enhancement.
By exploiting the latest developments in data science, data analysis can be carried out faster, by increasing processing and interpretation speeds. Furthermore, thanks to predictive analytics, artificial intelligence can forecast future energy consumption and counteract potential wastage.
In other energy and power fields, AI helps to simplify the distribution of production between one kind of energy resource and another, including renewable and non-renewable sources. Another very important function is that of monitoring energy availability and the relative costs of production. Some systems are even able to assess environmental factors which could influence the impact on energy consumption.
Personalised experience with artificial intelligence
One of the areas in which the combination of AI and the smart grid is most widely used, is the monitoring of end user consumption. The gathering of this specific data helps companies provide their clients with a personalised experience. This principle can then be applied to a broader range of businesses, by building automated systems able to monitor and intervene autonomously whenever necessary.
Smart living and the growing use of smart appliances in the home has led to the emergence of another precious source of data which can be gathered. Energy providers, in fact, exploit data on their clients’ habits to identify market trends. This allows them to formulate personalised offers which guarantee substantial savings.
In addition, with the help of AI, clients can closely monitor any fluctuations in energy consumption and related charges, so they can take immediate action to optimise resource management. Some companies are developing software aimed at enabling the smart grid to operate autonomously, in order to relieve end users of that job.
In light of how the energy and power market is evolving, it is clear that artificial intelligence is having an enormous impact on that sector. Improvements made to the consumer experience are remarkable, but what is most striking is the speed with which new, increasingly efficient solutions emerge each day.
Regardless of current competition in the energy sector between fossil fuels, renewable sources and natural gases, AI will definitely be a determining factor in the evolution of that sector and its emerging trends.
Translated by Joanne Beckwith