Analytics and the Future of Demand Management: Realizing Grid Potential
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This item is part of the Special Issue - 2020-12 - Data Analytics & Intelligence, click here for more
Analytic barriers to the smart grid
The energy and utilities sector is on the brink of myriad technological advancements essential to our country’s social, economic, and environmental future. Over the past decade, we’ve hung in the threshold of an exponential increase in grid capability, and now utilities are bringing a clean-energy smart-grid closer to reality with the widespread addition of renewables and storage technology.
However, the industry risks derailing this progress due to an inability to balance energy supply with burgeoning demand. If we fail to curb the current demand trajectory, it will rapidly overtake supply. This demand will only increase as the age of electrification continues to proliferate in new areas of our economy. Even worse, our current grid is already straining to keep up, with power fluctuations due to blackouts alone causing our economy to hemorrhage “upwards of $150 billion annually” . In order to handle this surge in demand, utilities need to foster a robust grid capable of superior demand management prediction through advanced analytics.