Cloud computing solutions assist utilities in lowering their IT capital expenditures while also providing unlimited compute and enhanced analytics.
FREMONT, CA: The power industry is undergoing tremendous transformations. The major developments that will influence the industry will range from digitalization to microgrids to corporate Power Purchase Agreements (PPAs).
Digitalization
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Power utilities, who have generally been resistant to new technology adoption, suddenly see the benefits and are substantially investing in them. According to a survey of emerging technology trends, cybersecurity, cloud computing, big data, robotics, and the Internet of Things (IoT) are the top five technologies expected to have the greatest impact on the industry over the next three years.
To defend grids from cyberattacks, power organizations are paying close attention to cybersecurity. Power utilities have recognized the grid-wide influence that cybersecurity breaches can have and are willing to invest extensively to ensure protection. Utilities are focused on data analytics for load forecasting, generation planning, managing peaks, and boosting customer energy-saving awareness as the amount of data flowing out of customers' meters grows.
These initiatives benefit from the usage of big data and cloud computing. Cloud computing solutions assist utilities in lowering their IT capital expenditures while also providing unlimited compute and enhanced analytics. The IoT is helping power firms in remotely monitoring and managing their assets. Utilities can also use IoT to perform predictive asset maintenance.
Microgrids
The need for resiliency, energy security, and distant area electrification is driving the growth of microgrids in the power sector. Companies have recently announced several microgrid initiatives all across the world. Several utilities have also been involved in the development of the microgrid project.
Corporate PPAs
To meet their electricity needs, large enterprises are increasingly signing PPAs with power generator businesses. As a result, the majority of PPAs are with renewable energy generators, allowing them to raise the proportion of renewable energy in their overall consumption. During 2019, many technology giants continued to sign PPAs. This tendency is projected to continue in the future as the data center sector expands and demands more power.
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