AIBusiness

Artificial Intelligence in Energy Business

Artificial intelligence, or AI, has the potential to cut energy waste, lower energy costs, and facilitate and accelerate the use of clean renewable energy sources in power grids worldwide. AI can also improve the planning, operation, and control of power systems.

Energy

How does AI help renewable energy?

The global transition to renewable energy will need artificial intelligence (AI) technology to manage decentralized grids. AI can balance electricity supply and demand needs in real-time, optimize energy use and storage to reduce rates.

Does AI reduce electricity consumption?

In buildings and factories, AI can monitor and collect information about energy consumption in the form of numbers, text, images and videos. Evaluating what is observed, AI can manage energy usage, reducing it during peak hours, for example.

With fossil fuels still supplying more than 80% of global energy, the energy sector needs to be at the heart of this action.

Fortunately, the energy system is already in transition: renewable energy generation is growing rapidly, driven by falling costs and growing investor interest. But the scale and cost of decarbonizing the global energy system remain gigantic, and time is running out.


There are so many ways that machine learning and AI can be used to positively transform the energy sector.

Five Ways Machine Learning Is Changing Energy

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  1. Grid management. One of the most interesting uses of AI in energy is grid management.
  2. Demand response.
  3. Predictive maintenance.
  4. Energy source exploration.
  5. Energy consumption.

Can artificial intelligence transmit electricity?

To integrate the usually volatile renewable sources into energy supply, capacities of the power grid have to be increased. In case of favorable conditions, the line’s power transmission can be enhanced in this way. ..

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Image Credits: Source

The principles define the actions that are needed to unlock AI’s potential in the energy sector across three critical domains:

1. Governing the use of AI:

  • Standards – implement compatible software standards and interoperable interfaces.
  • Risk management – agree upon a common technology and education approach to managing the risks presented by AI.
  • Responsibility – ensure that AI ethics and responsible use are at the core of AI development and deployment.

2. Designing AI that’s fit for purpose:

  • Automation – design generation equipment and grid operations for automation and increased autonomy of AI.
  • Sustainability – adopt the most energy-efficient infrastructure as well as best practices around sustainable computing to limit the carbon footprint of AI.
  • Design – focus AI development on usability and interpretability.

3. Enabling the deployment of AI at scale:

  • Data – establish data standards, data-sharing mechanisms and platforms to increase the availability and quality of data.
  • Education – empower consumers and the energy workforce with a human-centred AI approach and invest in education to match technology and skill development.
  • Incentives – create market designs and regulatory frameworks that allow AI use cases to capture the value that they create.

Here are three concrete ways to accelerate the energy transition.

  • The energy-efficient opportunity. Energy efficiency is the most cost-efficient solution, both short-term and mid-term. …
  • Integrating renewables and energy efficiency for flexibility and resilience. …
  • Unleashing the potential by working together.

Why do we need energy transition?

The energy transition is a pathway toward transformation of the global energy sector from fossil-based to zero-carbon by the second half of this century. At its heart is the need to reduce energy-related CO2 emissions to limit climate change.

What is a benefit of improving energy efficiency?

Benefits of Energy Efficiency

Environmental: Increased efficiency can lower greenhouse gas (GHG) emissions and other pollutants, as well as decrease water use. Economic: Improving energy efficiency can lower individual utility bills, create jobs, and help stabilize electricity prices and volatility.

How important is it to make the transition to a new energy future?


Aside from protecting health, it also makes practical sense. Switching to renewable energy sources is a great way to reduce dependence on imported fuels, create local jobs, and increase cost efficiency.

Abhishek Shah

Senior Editor at TechMantle Technology Writer, Entrepreneurship, Business, IoT, Management

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