Speaking at the FT Digital Energy Summit 2018 in London yesterday, Michael Phelan, Chief Executive at GridBeyond, urged industry leaders to harness the Fourth Industrial Revolution by exploring AI and machine learning applications in their business energy consumption to uncover new opportunities.
Phelan commented, “The energy revolution has been fomenting for a decade, and we are now in the primary phase of action. Technological platforms, powered by AI and machine learning, support this revolution by driving the energy systems towards a cleaner, safer, more flexible and more resilient electricity grid. The increase in electricity demand from heat, electric vehicles, electrification of business operations and domestic lifestyles,, combined with growing intermittent renewable energy sources, has meant that advanced technology is a necessity both in front of the meter and behind the meter”.
“Large I&C energy consumers play a key role in the revolution of the system and the market. By taking control of their electricity usage, increasing energy efficiency, and participating in National Grid programmes to balance electricity supply and demand. Highly advanced technological platforms enable large energy users to fully control their energy assets and embedded generation, improve production processes and predict and prevent system failures, whilst optimising savings and revenue opportunities”
The FT Digital Energy Summit 2018: Tackling the Impact of Digital Technology in an Evolving Energy Market, has brought together over 150 high level decision makers from the digital energy community, to discuss the impact of digital technologies on the evolving oil, gas and energy markets.