AI is being employed to help energy businesses and consumers collect and sort through data to help recognize and track energy generation and consumption trends. Smart meters and energy management systems are also profiting from integrating AI.
FREMONT, CA: According to the Energy Information Administration, the preceding year saw profitable growth in renewable adoption. Further studies showed that utility-scale renewable fuels, including wind, solar, and hydropower, collectively produced 19 percent of U.S. electricity in 2020.
Which energy trends should businesses watch in the upcoming days? Here are three energy sector trends to watch.
1. Energy Storage and Better Batteries
The main drawback of the most prevalent sources of renewable energy is their lack of reliability. Solar Photovoltaics (PV) is not very advantageous at night, and wind power requires the wind to blow. Therefore, it is vital to ensure the future of renewables in the energy mix. Much work has already been done to produce better and longer-lasting batteries and other means of storing energy generated from renewable sources.
The coming year must be no exception, with energy industry leaders striving to develop and promote improved energy management and storage. This aspect will also need greater grid flexibility to allow energy firms to balance supply and demand in an extremely variable market. An integral part of good energy management is feasible and reliable storage systems and, by extension, batteries.
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2. Artificial intelligence
Artificial Intelligence (AI) is creating ripples in many industries around the world. The energy industry is no exclusion. AI is being employed to help energy businesses and consumers collect and sort through data to help recognize and track energy generation and consumption trends. Smart meters and energy management systems are also profiting from integrating AI. Energy and mining firms are also beginning to implement AI to speed production and cut waste. The investment ultimately pays dividends and makes services more cost-effective. It can also help make better energy storage decisions and increase energy efficiency.
3. Blockchain Networks Should Transform the Industry
Blockchain technology is another exciting expansion in the energy industry. These peer-to-peer networks are enabling customers to trade energy with ease efficiently. This aspect can be used by energy enterprises themselves or even by private individuals. Such technology, assisted by the IoT, can help enhance smart, energy-saving tools and Building Management Systems (BMS). Utility providers can also benefit from blockchain's distributed ledger technology by better tracking the chain of custody for grid materials. As technology expands over time, it could also help encourage energy micro-generation by individuals. Any excess energy produced can potentially be privately traded over the blockchain.