One vital application of artificial intelligence technology in the energy sector is producing autonomous robots that can substitute humans in otherwise dangerous situations.
FREMONT, CA: Artificial Intelligence (AI) is about to transform people’s life, work, and leisure, but few people realize what it can achieve beyond the technology giants’ virtual assistants. However, powerful machine learning is opening the way for ‘robust AI’ in the data-driven energy sector to increase efficiency, forecasting, trading, and user accessibility.
Trading Electricity
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Electricity is a commodity that can be purchased, sold, and traded on open marketplaces. Massive volumes of data, ranging from weather predictions to grid demand/supply balance, must be regularly examined by power sellers, purchasers, and brokers for these markets to function successfully. In the marketplace, those that are best positioned to understand the data have a competitive advantage.
Intelligent Power Consumption
Nearly half of all power customers in the United States have smart electrical meters, which provide data on personal energy consumption and allow informed consumer self-regulation of energy usage. New AI-powered intelligent meters and smart home solutions aren’t widely available yet, but they can boost end-user efficiency. These energy monitoring gadgets connect to other household equipment, decreasing energy waste and saving owners money. These devices, for example, control air conditioning, recommend charging electric cars during off-peak hours to save money on electricity, control lighting, and manage appliances. With the capacity to adapt and respond to usage patterns and energy prices, these gadgets might save a lot of energy if used by many people. Widespread adoption might help everyone benefit from a greener, more stable electric system.
Robots
One significant application of AI technology in the energy sector is producing autonomous robots that can substitute humans in otherwise dangerous situations. These unmanned self-driving machines can examine high-voltage power cables on land or patrol the seafloor for precious resources, logging and reporting their positions for future extraction without endangering human lives.
With the COVID-19 pandemic posing a threat to the global energy system, a greater focus on improving economic efficiency has been placed. To that end, market participants employ machine learning to improve predictive capacities, promote energy trading transparency, integrate renewable energy sources, manage smart grids and storage, and bring unmanned drones to life.
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