Digitalization and smart revolution have a huge impact on the utility market and their mature, conservative and heavily regulated industry. Changes are affecting power generation, transmission, distribution, trading and retail companies.
The explosion of data is affecting every field of utility services from energy production (new production sources such as wind and solar), transmission to distribution and all the way to new consumers and retail.
Decentralized production sources bring new monetization opportunities and at the same time affect transmission and distribution networks, therefore collecting and analysing data about forecasted production, forecasted load and demand, forecasted consumption and peak times is crucial to efficiently manage a transmission and distribution network.
The biggest challenge the utilities are facing is how to store, transform and exploit the sheer volume of data collected from existing and new business applications (ERP, assets management…), AMI (producing hundreds of TB of data on annually), SCADA systems, smart grid systems, Virtual power plants… into actionable insights without producing new data silos since companies are not able to gather and analyse all their data and address different use cases from a single data repository.
Digitalization and smart systems bring greater visibility and better business decisions in several functional areas.
The collection of big data from residential and industry smart meters on a 15-minute interval brings much greater value compared to the old fashion 1 reading per month. This approach offers an opportunity to discover new customer usage patterns and enhance customer billing services (reduce the number of outstanding receivables) and offerings (more effective sales and marketing activities tailored to different customer segments, new pricing plans, and initiatives…). Customer segmentation gives the ability to adapt to different customer behaviour and teach customers how to consume energy more efficiently.
Better customer segmentation leads to better predictions and lower variance between forecasted load and actual usage. Thus, such a solution can minimize costly spot-market purchases of power and consequently a higher revenue stream.
Analysis of IoT sensors in all segments of their businesses and maintenance parameters for field equipment leads to improved management of maintenance schedules. Maintenance operators can gather different types of information from sensors that help them make intelligent decisions in near-real-time by analysing data such as temperature, current, voltage… The operators can, therefore, make better decisions and act immediately when an event is triggered without a need not to rely on traditional maintenance schedules.
Knowing customer consumption patterns based on historical data and the introduction of AI services enables operators to automatically detect and minimize energy theft and fraud with fewer resources than with the traditional approach.
When combined with an assets maintenance system, this kind of solution may prevent costly outages by proactively assisting the utilities within the maintenance process of different assets (substations, transformers…) ahead of disruption or even extends its service life.
Regular and timely periodic submission of reporting to regulatory agencies enhances the credibility of utilities.
Industry leaders take advantage of analytics to get to data insights, which help them drive business decisions. With the right technology and knowledge, companies can identify patterns in data, elicit insights from historical data, do better planning and predict the impact of future business decisions.
In516ht helps utilities to overcome digital challenges by providing future proved solutions and find ways to leverage high volumes of data and effectively manage their infrastructure, regulation reporting, billing and customer service by providing informative decision making.