Does the world run on energy? Well, technically the world and every creature that inhabits this planet require energy to sustain itself. But what we are talking about here is the importance of the energy sector which includes companies involved in the exploration and development of oil or gas reserves, integrated power utility companies such as renewable energy and coal & many more.
The future holds a lot of promise in terms of the energy choices we make. Be it electric, solar, wind, or hydrogen-powered, a thriving planet will require technology to aid the energy sector. Our blog for the week highlights such stories that deal with the impact of AI across energy usage & energy companies.
When people think of the energy industry, they may not think of high-performance computing (HPC) systems and artificial intelligence engines churning through massive amounts of data.
HPC and AI solutions are now essential keys to success for energy businesses. From automating electricity substations and dynamically load-balancing complex power grids to forecasting electricity demand and improving reliability through predictive maintenance, HPC and AI are at the heart of the modern energy utility.
These solutions are the reality for today’s data-driven utilities.
Engineers at the Swiss Center for Electronics and Microtechnology (CSEM) have developed a new machine-learning method capable of cutting energy use by more than 20%. The engineers’ research was published in IEEE Transactions on Neural Networks and Learning Systems. The method is said to also allow AI to complete previously impossible tasks considered too sensitive.
The new approach devised by CSEM engineers focused on the refinement of a major aspect of AI called reinforcement learning, whereby a computer continuously improves upon itself by learning from its past experiences.
Cutting down on our energy consumption will be key to a sustainable future & AI/ML might have just provided an opportunity!
I'd put my money on the sun and solar energy. What a source of power! I hope we don't have to wait until oil and coal run out before we tackle that -> Thomas A. Edison
Oil and gas producers are increasingly leveraging the data they generate as a by-product of their operations to better identify exploration opportunities and optimize production to ensure the greatest possible recovery of their resources. With the advent of new AI tech, including machine learning, producers are looking to AI to improve their ability to optimally locate well sites, model well designs, and reduce drilling time and costs.
The global power industries are turning to AI to help optimize an increasingly complex infrastructure of diverse generating, transmission, and distribution assets.
Energy companies are increasingly investing in AI to answer some of the critical questions they face!
👉 As we move toward an increasingly electric world, more energy will be produced by decentralized, renewable sources
👉 The global transition to renewable energy will need AI technology to manage decentralized grids
With the help of AI software, decentralized energy sources can send any excess electricity they produce to the grid, while utilities direct that power to where it’s needed. Similarly, energy storage in industrial facilities, office buildings, homes, and cars can hold excess energy when demand is low, while AI deploys that power when generation is inadequate or impossible.
AI & software will be key to a more sustainable, all-electric world!
In the end....
As energy evolves to meet the ever-expanding needs of the 21st century, technological and digital developments in energy consumption help enterprises to thrive in a smarter landscape. The latest developments in Artificial Intelligence could be just a small step in helping to preserve the natural environment, drive economic development, & advance innovation across the energy sector.
Like what you read? Subscribe to us and stay updated with all the latest conversations around AI
Recommended articles -