The digital energy economy, which IoT primarily powers, can update the energy value chain by introducing new business models or targeting new customers.
FREMONT, CA: The power utility industry is undergoing a massive commercial transition, fueled by two megatrends: prosumerism/decentralization and energy supply chain decarbonization. These revolutionary developments are pressuring power companies to organize around the goal of ‘becoming a custodian for safe and reliable power’ with a feeling of urgency, paving the way for establishing a ‘digital energy economy.’ While new-age customer expectations and the proliferation of demand-side energy solutions have propelled this change, it has also been fueled by the necessity for industry survival and the need to establish new revenue streams.
To that end, the Internet of Things (IoT) and other digital technologies are giving the energy industry a once-in-a-lifetime chance to reinvent how end-users in residential structures, commercial complexes, and factories interact with supporting technology.The digital energy economy, which IoT primarily powers, can update the energy value chain by introducing new business models or targeting new customers. The following elements can be included in the digital platform:
- Sensors,controllers, and meters are smart devices that will offer data about the network and consumption.
- Secure network and communication or connectivity systems based on open protocols, including gateways and bridges.
- Data platforms that are scalable, accessible, and simple to integrate, with API libraries and built-in best practices for data management and governance.
- Artificial Intelligence (AI), advanced analytics, Augmented Reality (AR), and easy-to-build applications are all capabilities.
- Open-architected platforms enable ecosystem vendors, such as energy solution providers, to offer competitive solutions to utility customers.
In some ways, the ongoing COVID-19 pandemic has expedited the requirement for the utility industry to play a major role and demonstrate resiliency in providing long-term services to customers. The sector has been taking risks and adapting to the new normal owing to the help of authorities. Regulators play a critical role in bringing the digital energy economy to life, creating a framework that will enable flexible services, efficient grid use, effective pricing, and fewer barriers for new players. An IoT platform will publicize the future of utilities–one that pushes the argument for safe and reliable power–as the industry attempts to reflect and explore possibilities.
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