How GIS is helping power companies enhance their financial performance & optimize their systems
- Jul 26, 2019 11:15 pm GMT
This item is part of the Special Issue - 2019-07 - GIS, click here for more
It’s an exciting -- and challenging -- time in the power industry, particularly the regulated power sector. Since 2007, operating margins have declined by more than 30% across utilities, automotive, energy and industrials. Increasing momentum toward the decentralization and decarbonization of power industry assets has contributed to declining margins, as have rising operations and maintenance (O&M) costs driven by slow adoption of digital technologies.
In the last 5-7 years there has been an uptick in developing advanced technologies such as GIS, artificial intelligence (AI), machine learning, computer vision, and the Internet of Things (IoT) that enable power companies to enhance their financial performance by reducing their costs and optimize their systems. A steady increase in investments for these technologies demonstrates that these themes are transforming the power sector for a diverse mix of utilities, industrial companies, and independent power producers (IPPs).
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