digitalization in power industry

And driving the digital industrial revolution on a global scale. They’ve developed software such as Predix which is their flagship product, Predix consist of gathering data from the nuclear power plant and transforms it into a “digital twin” of assets. Digital’s potential in industry is massive, not only in operations, but across all functions of the sector, and the levers that make the most difference to a company’s bottom line vary—from e-commerce to automation to advanced analytics. 357 0 obj This post is an excerpt from the white paper Power the Future: DataOps and Contextualization in the Power Generation Industry. Digitalization will help independent power producers provide flexible, fast-ramping generation to accommodate growing supplies of intermittent wind and solar power. Transforming core processes can deliver unprecedented gains for energy companies -- through improved decision making, greater efficiency, improved safety, and risk reduction. The main topics of the VGB Conference Digitalization in the Wind Industry, will deal with the reduction of installation and operating costs of wind power plants as well as the increase of operational safety and reliability. <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/TrimBox[0.0 0.0 595.276 792.0]/Type/Page>> We deliver outcomes—whether they are well-lit classrooms in places that have never had them before, or stable power to hospitals, factories, and businesses, which accelerates progress and creates wealth across the globe—from the developed to the developing world. Adobe PDF Library 15.0 “They are embracing a digital and agile way of working by driving processes to deliver a minimum viable solution and then push through rapid cycles of improvement.”. The power industry is in an unusual position as it is expected that the industry achieves full decarbonization by 2050. Traditional power generation companies will remain a critical component to global energy supply over the next decade. The session will focus on workforce needs and … In turn, decision makers can develop more robust approaches for coordinating critical processes and reducing risk. 14 0 obj Controlled water flow is the obvious center of all hydropower operations. endobj The paper examines the current impact of digital assets in the power infrastructure and gives an outlook on … However, a range of internal and market challenges can constrain its effective uptake and implementation for those early in the digital journey. Listen to how Hafslund E-CO, Norway’s second largest hydropower producer, is navigating the times - about digital-driven business models and what the future could hold for renewables in Europe: Even as traditional energy players retain predominant control of the world’s energy supply, wind and solar power will continue their meteoric rise. Digital data and analytics can reduce power system costs in at least four ways: by reducing operations and maintenance costs; improving power plant and network efficiency; reducing unplanned outages and downtime; and extending the operational lifetime of assets. 324 0 obj Digitalization will enable these companies to close the gap on business performance with meaningful advancements in data-driven planning, process optimization, improved safety and maintenance execution, and intelligent asset life cycle management. 2017-11-29T18:59:12.000Z / Download this eBook on Digitalizing Power & Utilities industry … Huawei recently conducted digital power club roadshow in key cities throughout Japan. endobj Intelligent analysis of assets and infrastructure help decision makers identify and act on efficiency opportunities in operational and maintenance processes as well. Demand for power is also increasing in many countries, yet grid infrastructure is often old and creaking. Growing Digitalization and Automation in Power Sector. endobj 8.267722222222222 endobj By Chris McNamara, Smart Industry Content Director Digitalization changes all areas of life: the way . endobj Learn more: Cognite’s Industry Solutions for the Power and Utilities Sector. The organizations that act now to supercharge their operations with data won’t just keep up, but stay ahead of the pack. However, with so much value potential and the eagerness to explore advanced analytics, AI, machine learning, and more, industrial data architectures have become increasingly complex, unable to serve data consumers in a dynamic, scalable, and repeatable way. For renewable energy companies, the use of insights provided by digital capabilities can bring down operating costs by as much as 60% to 70%, increasing the lifetime value of assets and contributing to future financial models. A 2019 McKinsey & Company report highlights the potential savings benefits of an automation journey, which can reduce the cost base of a producer by 15%. <> Distribution utilities now need to balance renewables and distributed energy resources with traditional sources such as coal, hydro, natural gas, nuclear and petroleum, even as they look to reducing costs. application/pdf Digital tools and advanced analytics can help power generation companies of all types optimize asset life cycle management. Creating a strategic vision for digital, distributing digital skills across an organization, providing contextual data to data consumers, closing the divide between IT and OT, and moving from proofs of concept to production requires investing not just in data and tools, but also in processes and skills. Asset life cycle management may have “the greatest value potential among all the digital initiatives,” contributing $480 billion over the next decade. 12 By maximizing their capabilities with data, companies can build robust and reliable digital applications that enable smart maintenance, revenue optimization, and safer field work. <>>> In addition to this changed outlook in power generation and consumption, technology trends that were transforming the consumer space have also permeated our industry. Digitalization in Power Generation is transforming the work behavior in plants. 1366 Lysaker, Norway endstream energy xmp.did:BB44638207206811822A995A06CCF942 111 0 obj Digitalization and digital maturity can help power & utilities companies to answer the challenges of decarbonization and growing demand. endobj Digital technologies will bring about competitive growth and deliver new value in the power generation industry. 67 0 obj 25 0 obj Digitalization of the power generation industry in already under way and gathering momentum. <>stream Technological advancements and innovations driven by rapid electrification of segments like transport, expansion of renewable and digitalization of the grid are transforming the power sector. However, energy demands are expected to grow between now and 2040. 2018-09-13T13:02:54.582Z And with data and visualizations at their fingertips, engineers can efficiently conduct field work, increasing safety, reducing waste, and saving time. 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