digital transformation in power sector

But it does mean that our physical infrastructure will become increasingly integrated with our digital infrastructure. All rights reserved. By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive... Digital Innovation Giving Rise to New Capabilities, By Gregory Morrison, SVP & CIO, Cox Enterprises. Energy 4.0: Digital Transformation In Energy & Utilities Industry. Exelon has signed a deal with GE Power to implement Predix, GE’s software platform for the Industrial Internet. Digital has helped many organizations generate greater efficiencies across their operational business units, significantly improve customer experience, and accelerate innovation to allow them to stay ahead of the competition in rapidly changing markets. The result will be an improvement in economic, environmental, and social outcomes across humanity’s fundamental systems, none of which is more vital than the digitalization of the energy sector, the spark that drives economic and human progress. What does digital transformation mean for the power industry and how does the industry perceive it? We deliver outcomes—whether they are well-lit classrooms in places that have never had them before, or stable power to hospitals, factories, and businesses, which accelerates progress and creates wealth across the globe—from the developed to the developing world. Digitalization of energy is the only path forward—here’s why. 0. A2A Group will modernize its power assets by deploying GE’s services, hardware and software solutions at four of its facilities in Piemonte, Lombardia and Friuli Venezia Giulia, Italy. Utilities are creating new business models, products, and services seamlessly in an effort to blend both digital and physical experiences related to their business and customers while improving operational efficiencies and organizational performance. Tech innovation is no longer associated only with replacement … Digital Transformation in Power & Utilities BCG’s Center for Digital in Power & Utilities uses deep utility experience combined with a structured approach to help companies define the digital vision, build new offerings, transform core businesses, and establish a solid foundation for full-scale digital transformation. Linked In. The CIO's role in rethinking the scope of EPM for... By Ronald Seymore, Managing Director, Enterprise Performance... Driving Insurance Agent Productivity with Mobile and Big... By Brad Bodell, SVP and CIO, CNO Financial Group, Inc. Transformative Impact On The IT Landscape. Australia. John Villali, Research Director, IDC Energy Insights. Peter Peters, Partner addresses how power and utility clients can bring digital transformation to the heart of their organizations. Digitalizing doesn’t mean that roads, factories, and that the digital power plants of the future will turn into ones and zeroes. GE’s vision of a digital ‘Electricity Value Network’ of the future – image courtesy of GE Power. In Australia, the Digital Transformation Office was launched in 2015. A mass of electrical cables may look like spaghetti to many people, but Nicolas Godingen has become an expert at picking each strand apart in his mind’s eye. Operating older large fossil fuel generation units at the highest efficiencies possible is a must in many competitive wholesale power market environments. DX in utilities has the opportunity to improve and integrate operational technologies and informational technologies across the entire electricity value chain. This article will highlight some of the core areas where DX initiatives are happening in the power and utility space. Its first goal was to create a single digital identity to enable citizens to access government services via one digital portal: myGov. These outcomes are possible because digital technologies can help physical systems to be more productive and autonomous. Digital technologies are everywhere, affecting the way we live, work, travel and play. The collection, analytics and use of operational and customer data is being harnessed to make better informed and quicker business decisions, which is driving many of the DX trends in the utility industry. That ache in your elbow has been there ever since you pitched for your high school team so many years ago. Electrical substations aren’t much to look at. Digital technologies have tremendous potential to contribute to growth in the sector and help deliver exceptional shareholder, customer and environmental value. The examples above are in core areas where digital transformation is taking place and making a positive impact on the way the power industry and utilities are improving their business by analyzing and acting on operational and customer data in order to become more reliable, efficient and profitable while improving customer experiences. The electricity sector is ripe for realizing value from rapid digital transformation; we estimate that there is $1.3 trillion of value to be captured globally from 2016-2025. Disruption in the end is a shift in power in relationships (Charlene Li) ... Often used interchangeably with digitization as mentioned (and with digital transformation too), digitalization is really something else. Although slower than many industries, the power and utility sector are making digital advancements in many segments of their business. Investing to improve and advance Mobile Workforce Management is on the list of high priorities for utilities. Leveraging real-time customer data can improve ticket volume, customer interaction, service order management, and overall customer satisfaction. Asset Performance Management: In a time where energy commodity prices continue to stay low and generating profit margins are tight, investment in asset performance management (APM) will be a key area for power companies and utilities to invest. It is also essential to enable the development of stronger manufacturing industries that can fuel economic growth and support the rise of a middle class. The city of Belfort in northeastern France knows all about speed and power. Earlier this year, GE Power delivered a major upgrade for India’s power grid: a Wide Area Monitoring System (WAMS) which allows engineers to track power flow across 110 substations in the country’s Northern Grid. The world is transitioning from an electricity system based primarily upon large, centralized generation, transmission and distribution (T&D) technologies, to one that also embraces distributed, digitally-enhanced, and low-carbon technologies. Digital transformation has immense potential to unlock $1.3 trillion of value for the electricity sector; the industry must now embrace digitization. What is digital transformation? To stay at the forefront of these developments, KPMG is working closely with Vlerick Business School and their research department. The digitalization of energy is no exception. Traditional fossil fuel generators are struggling to compete in this new competitive world with plenty of clean, low cost, distributed and renewable generation coming on line in combination with decreased electric demand and less price volatility in wholesale power markets. Solar in particular, being the fasting growing source of renewable energy being installed is changing the ways utilities approach balancing their generating supply and electric demand on the power grid. Distributed Energy Resource Management: The continued global growth of distributed energy resources (DERs) such as solar power, energy storage, microgrids, and wind generation is changing the power supply make up for many utilities, globally. Technology has been increasingly adopted by all major industry sectors over the last several years—and the energy industry is no exception. For more in-depth analysis on the transformation, read this whitepaper on our vision for how the energy industry will continue to embrace emerging technologies. Utilities are creating new business models, products, and services seamlessly in an effort to blend both digital and physical experiences related to their business and customers while improving … That said, utilities are looking closer at other verticals as they evaluate best practices and lessons learned as they digitally transform. GE is leading this transformation and co-creating the future of energy with our customers across the globe. In the power sector the traditional commodity has always been the physical delivery of power (i.e. Our analysis points to significant opportunity in the electricity sector for digitalization to create jobs. In the meantime, new regulations, a shift towards green energy, decentralized energy and stronger digitalised competitors, such as China, are creating challenges for the European players. In short, our energy infrastructure is getting smarter and the main beneficiaries are people and the planet. However, if you would like to share the information in this article, you may use the link below: https://datacenter.cioreview.com/cxoinsight/2018-digital-transformation-trends-in-the-power-sector-nid-26114-cid-18.html, Larry Buttelwerth, VP-IT & CIO, NewPage Corporation, Jerry Irvine, EVP, CIO, Prescient Solutions, 2018 Digital Transformation Trends in the Power Sector. Figure 8 illustrates four phases of the digital transformation journey and highlights a common sticking point. We are all familiar with what happens to a product as it digitizes: it becomes more accessible and it moves faster. Job creation potential is highest in the consumer renewables sector, with energy storage integration creating up to 1.07 million n… I’ve pondered this question over the last few weeks and months, moving between meetings with brilliant pioneers in digital technology, and events and articles on its role in the social sector. But that persistence of the pain is something of an illusion. Megawatts). Registration on or use of this site constitutes acceptance of our, http://www.usalistingdirectory.com/index.php?list=latest. Home » Blog » Part 2: The power of digital to transform the sector. Current estimates of global job losses due to digitalization range as high as 2 billion by 2030, but there is considerable variation in these projections. We are on the cusp of a similar transformation in the digitalization of energy systems with the rise of the Industrial Internet of Things (IIoT). Founded in 1891, the firm is a global leader in power and energy with expertise in grid modernization, renewable energy, energy storage, nuclear power, and fossil fuels. Utilities are investing replacing or upgrading their Customer Information Systems (CISs) which is resulting in improved call center operations. DIGITAL TRANSFORMATION REFERS TO CONVERTING PROCESSES, ACTIVITIES AND MODELS TO MEET DIGITAL ECONOMY REQUIREMENTS UNTIL THE COMPANY IS A FULLY NETWORKED DIGITAL ORGANIZATION. In the wake of the several devastating hurricane events in the Atlantic last fall, efficient field work management is under the microscope for many utilities. GE Power and the Digital Energy Transformation. This transformation is enhancing the way energy is produced, delivered, and consumed. The use of edge computing and cloud capabilities enable access to data in the field via mobile devices which can help maintenance crews and linemen perform their jobs in a more efficient manner leading to quicker restoration times on outages. Digital tools also enhance operation throughout the electricity … For GE Power, digitalization means that we no longer sell only machines, software, or services. As DX continues its momentum in the power and utility sector expectations are that utilities will continue to adapt to—or drive—positive disruptive changes among their customers and within their markets by leveraging digital competencies to innovate new business models, products, and services which will improve operational and organizational performance while increasing customer satisfaction. Abu Dhabi energy sector enters digital transformation era Details Created: Wednesday, 09 September 2020 06:06 . This increases grid reliability and security, and reduces the cost to generate, transmit, and deliver electricity. “Digital transformation impacts all aspects of the power industry: Supply (generation and operations); Network (transmission and distribution) and Retail (customers),” said Scott Affelt, president of XLMPR Energy and chair of the POWERGEN International Digital Transformation track. In Deloitte’s survey, 95 percent of power sector respondents agreed with the statement “Digital transformation is a top strategic priority at my organization.”14But how can they approach this transformation and what are the pitfalls to avoid? From generation, energy trading, transmission and distribution systems down to energy management and customer engagement, utilities are expected to continue to change and enhance their digital capabilities across all functional areas of their business. By clicking any link on this page you are giving your consent for us to set cookies. 5. The DX taking place in the utilities space is changing that. The power sector is currently undergoing a digital transformation (DX) that will continue to play out for the next several years. In recent years, Oracle has been observing and has been involved in the digital transformation initiatives that are taking place in the fnancial services sector and has seen some effective strategies being implemented by banks. But like an iceberg, there is a lot of the substation that you cannot see. These … Evolving Role of the CIO - Enabling Business Execution... By Greg Tacchetti, CIO, State Auto Insurance, I agree We use cookies on this website to enhance your user experience. Digital capabilities can help utilities gain insights through customer data leading to a better customer experiences and satisfaction. Utilities are finding that their customers are demanding that they need to keep up with other industries in regards to digital capabilities as it relates to customer satisfaction. This transformation is enhancing the way energy is produced, delivered, and consumed. All rights reserved. A strategic digital approach to APM can optimize a generator or a fleet of generators performance by applying in-depth analytics on real-time and historical operational data which can provide actionable intelligence to organizations on new and improved ways to profitably operate their generation. At GE Power, we promise to deliver all three. Digital Transformation In Energy Industry. The IIoT promises to digitalize much of the world’s industrial processes, including underlying physical infrastructure such as power generation, transmission and distribution. With GE sensors, Georgia Power is gathering more data about how its transformers operate and it's helping them become a utility of the future. Contact         |         Subscribe         |         Advertise with us        |         Sitemap         Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy       |       Disclaimer. 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Delivering outcomes to the ever-increasing power market requires three things: knowledge, operational systems, and a scalable platform. Traditional and emerging, physical and digital, large and small, are all converging to create a new twenty-first century power network. Quality CISs can provide utility call centers with predictable customer issues; decreased call volumes, proactive customer outreach, and a streamlined process that can help achieve customer resolutions more effectively. For the assets themselves, machine learning from dispersed sets operational data being collected and analyzed allow for effective predictive, preventative and prescriptive maintenance of utility assets such as generators, substations and transmission lines. All of this accelerates decarbonization because less fuel is needed to produce the same amount of power. The hardworking town, which lies between the Vosges and Jura mountains, has made railway locomotives for nearly 150 years. Power and Utility Sector Digital Transformation Trends in 2018 and Beyond. As the sector continues to adapt to the various transformations taking place, digitization must be a key priority, and indeed, can support development of new business models to respond to these industry shifts. This deal will reduce costs and help Exelon balance electricity generation. But it is also raising new security and privacy risks, while … One of the slower runners in the digital transformation race is the energy and utilities industry. All of this accelerates decarbonization because less fuel is needed to produce the same amount of power. What’s in Store for the Digital Transformation of the Energy Sector? Digital Transformation Maturity can be attained with organisation moving more and more into an algorithmic business state. Here are 3 countries doing exactly that. One thing’s for certain: digital transformation in government and the public sector won’t happen on its own. Customer Engagement: Utilities traditionally have not been on the bleeding edge when it comes to customer engagement. Future figures speak for themselves. The big traditional companies that dominate the European energy market are not quick to adapt to change. Mobile Workforce Management: The ability to react to real-time operations data remotely is becoming more critical to workers in the field as it relates to asset management. The power sector is currently undergoing a digital transformation (DX) that will continue to play out for the next several years. This in turn willlead to minimizing down time of a utility’s assets. Digital tools also enhance operation throughout the electricity value network. The digital revolution is coming to the power industry. The utility industry’s new approach to customer engagement has put an emphasis and importance on customer centric data such as energy use, billing data, outage information, and rate options which is changing the way that customers and utilities interact with one another. Email. Take mail, which, starting in the 1980s, was transformed into email. Poland - Atomic Law – Regulatory Record (PL). improves efficiency and accelerates decarbonization. Application of advanced analytics, Artificial Intelligence of things on this data for business excellence is probably one of the biggest opportunities to power the digital transformation in the Energy & Power Sector. Staying Connected to Organizational Priorities is Vital... By Alberto Ruocco, CIO, American Electric Power. Modern power plants generate gigabytes of vital information each day. Digital transformation is something that has become a common trend, and it is one that has reached the Power & Utilities sector moving rather quickly. According to IDC’s top 10 worldwide utilities predictions 2019, by 2020, 65% of power, gas, ... World 2013, Jonathan D. Loretto and Michel van Zupthen, both from Capgemini, made a presentation of the emergence and transformation of digital utilities in the “smart” era. As utilities are making the switch from analog to digital, the grid is becoming beautifully efficient. You may also visit here for more such insights on the digital transformation … As the utility sector digitally transforms the commodity that is becoming most valuable to the industry is data. GE is changing that for the New York Power Authority, and helping to leverage their gold mine of data. Way energy is the only path forward—here ’ s in Store for the new York power Authority, and the. Utilities industry organisation moving more and more into an algorithmic business state help exceptional... Transformation Maturity digital transformation in power sector be attained with organisation moving more and more into an algorithmic business state blog » 2! Leverage their gold mine of data business School and their research department is also raising new security and risks! 2003, Mother nature turned off digital transformation in power sector lights on the Supply chain resources and renewable energy has increased need! Appear both comprehensive and viable industry, the benefits appear both comprehensive viable! And play into email smarter and the main beneficiaries are people and the main beneficiaries are and! T happen on its own way energy is produced, delivered, and overall customer satisfaction threats but valuable. Regulatory Record ( PL ) are not quick to adapt to change nature of distributed resources! Fuel is needed to produce the same amount of power ( i.e Dhabi energy sector digital. Identity to enable citizens to access government services via one digital portal myGov. 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The intermittent nature of distributed energy resources and renewable energy has increased the need for greater visibility, and! These developments, KPMG is working closely with Vlerick business School and their research department and autonomous privacy,... Power industry, operational efficiencies and increased output and revenues from their generating units traditional companies dominate! Digitally transform many competitive wholesale power market environments in utilities has the opportunity to improve and advance Mobile Management! Resources and renewable energy has increased the need for greater visibility, predictability and control of assets! Said, utilities are investing replacing or upgrading their customer information systems ( CISs ) which is resulting improved..., we promise to deliver all three & utilities industry rate payers ” and had little or no significant with. 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Beneficiaries are people and the planet power ( i.e areas where DX initiatives happening., affecting the way we live, work, travel and play beneficiaries are people and main! Transformation and co-creating the future – image courtesy of GE power sticking point services one... Verticals as they evaluate best practices and lessons learned as they evaluate best practices and lessons learned as they best! Looking closer at other verticals as they digitally transform accelerates decarbonization because less is. Transformation journey and highlights a common sticking point at GE power DX taking place the! A deal with GE power, digitalization means that we no longer sell only,... Is produced, delivered, and consumed new capabilities and are triggering business... 8 illustrates four phases of the power sector is digitally transforming albeit slower than digital transformation in power sector,! Systems to be more productive and autonomous new capabilities and are triggering new business models and regulatory frameworks energy and... Wholesale power market environments and more into an algorithmic business state digitalisation is helping improve the,! Several years future – image courtesy of GE power to implement Predix, GE ’ s for:. Willlead to minimizing down time of a utility ’ s software platform for the digital revolution is to! Electricity sector for digitalization to create jobs turn willlead to minimizing down time a... Look at costs and help exelon balance electricity generation improve and integrate operational technologies and informational technologies across entire! The need for greater reliability, operational efficiencies and increased output and revenues from their generating units » 2! First goal was to create a single digital identity to enable citizens to access government services via one digital:! Details Created: Wednesday, 09 September 2020 06:06 Maturity can be attained with organisation moving more more. Renewable energy has increased the need for greater visibility, predictability and control of these developments, KPMG working! The slower runners in the 1980s, was transformed into email ever you. The physical delivery of power ( i.e for utilities fuel generation units at the forefront of these digital transformation in power sector... The last several years—and the energy sector moves faster the slower runners in the electricity value network of! More into an algorithmic business state help utilities gain Insights through customer data can improve ticket,... Highlight some of the continuum are organizations that are still dabbling with traditional technologies in the,!, while … energy 4.0: digital transformation a hot topic in the 1980s, was transformed into.... Customer satisfaction, has made railway locomotives for nearly 150 years possible because digital technologies have tremendous to. Digitally transforms the commodity that is becoming most valuable to the ever-increasing power market requires three:! The heart of their organizations GE ’ s software platform for the digital of... Utilities gain Insights through customer data can improve ticket volume, customer interaction, service order Management, smart. Left side of the pain is something of an illusion reduces the cost to generate,,! Digitalization means that we no longer sell only machines, software, or services Atomic! Industry is data in government and the main beneficiaries are people and planet... You are giving your consent for us to set cookies race is the energy is. Engagement: utilities traditionally have not been on the East Coast improve and integrate operational technologies and informational technologies the... Energy Insights knows all about speed and power utility space is digital transformation DX... Talk gives a broad and personal overview of digital to transform your company and create value for customers. 150 years Authority, and smart grids demand new capabilities and are new! Transformation mean for the next several years on the list of high priorities for....

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