Artificial intelligence can make power firms more efficient: consultancy

Latest news

    FRANKFURT (Reuters) – Utilities can increase their efficiency by using more artificial intelligence (AI) technology, such as software to predict demand swings in the power grid or to control home appliances, consultancy Roland Berger said.

    European utilities could achieve efficiency gains of up to a fifth over the next five years using such technology, it said, adding that less than a quarter of firms had a strategy to do this.

    Power firms across Europe, which previously depended on coal or gas-fired power plants, are having to adapt to the expanding use of renewable power sources and facing a profit squeeze as wholesale electricity prices have fallen.

    “Companies need to respond to this change and come up with new business models,” Torsten Henzelmann, partner at Roland Berger, said. “To do that they need new technologies such as artificial intelligence.”

    The rise of renewables, such as solar and wind that provide intermittent supply, has increased the need for intelligent IT systems to balance demand and supply swings as companies seek to meet energy and carbon emissions targets, the consultancy said.

    Utilities have started plowing tens of billions of euros in investments into their grids, sparking a wave of merger and acquisition (M&A) deals and collaborations in the energy sector, with AI technology being one focus area.

    E.ON, one of Germany’s largest energy companies, struck a deal last week with San Francisco-based start-up Sight Machine to offer software that uses machine learning to improve manufacturing processes and lower energy costs.

    View the original article: http://feeds.reuters.com/~r/reuters/technologyNews/~3/0zuGIKIiwhw/artificial-intelligence-can-make-power-firms-more-efficient-consultancy-idUSKCN1GO0KF

    AI could be used heating, lighting and other household appliances to help them adapt to the daily habits of consumers and use energy more efficiently, Roland Berger said.

    Reporting by Christoph Steitz; Editing by Edmund Blair

    In the same category are

    Avvo settles New York probe, to reform lawyer ratings NEW YORK (Reuters) - New York’s attorney general on Monday said U.S. lawyer review website Avvo had agreed to reform its rating system and improve dis...
    Global advertising expenditure to grow 4.5 percent in 2018: Zenith (Reuters) - Global advertising expenditure is predicted to reach $581 billion at the end of 2018, with most of the growth coming from sponsored conten...
    China shuts thousands of websites in clean-up campaign: Xinhua SHANGHAI (Reuters) - China has shut down more than 4,000 websites and online accounts in a three-month campaign against “harmful” online information, ...
    Two Australian banks among six targeted by fake apps: security firm SYDNEY (Reuters) - Customers of six banks including two of Australia’s largest lenders have had their personal details stolen by fake banking apps on ...
    Startup headed by Intel’s ex-president releases first chips (Reuters) - Ampere Computing, the startup headed by Intel Corp’s former president Renee James, on Tuesday said it released its first data center chips...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.