What effect will AI have on the future of the Energy industry?

By Michael Watkins

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It seems impossible to read through the news of late without coming across a discussion that involves Artificial Intelligence (AI). From the wonders of ChatGPT to the somewhat dystopian warnings of where this technology – if managed incorrectly – could lead our global civilization to, it is fair to say that AI is at the front of a lot of people’s minds right now.

One such industry that is posed to utilize AI to revolutionize how it operates is the Energy industry. In this blog, we’ll look at how the global energy landscape stands to benefit from advancements in AI. We’ll see what is already being done to better develop integrations in this space, and what the future will look like for an energy sector that is underpinned by AI.

How AI benefits Energy businesses:

A key area in which AI can make a significant impact is in optimizing energy generation. Algorithms should be used to analyze vast amounts of data from across the energy network. This includes trends in weather, the market, and in demand. All this data can then be used to inform energy plant operations. This means suppliers will be better able to match real-time, fluctuating energy needs.

The positive impact of AI doesn’t have to be restricted to existing energy plants either. Every country around the world is going to increasingly face a need to integrate with renewable energy sources in the coming years. In this area, AI-assisted algorithms can once again be used to balance the supply of renewable energy sources, such as solar and wind, that are impacted by changing weather conditions. In turn, this reduces the reliance on fossil fuels, both as a primary and a backup energy supply.

Finally, the storage of energy and technologies behind batteries is another area where the sector can reap the benefits of AI. These advancements are critical for supporting any blanket adoption of renewable energy sources long-term. The machine learning techniques that AI underpins should be utilized to enhance battery performance, predicting degradation, and optimizing control strategies in order to achieve this.

What the future of Energy underpinned by AI looks like:

The future of an energy sector that is underpinned by AI is one that puts efficiency at the very forefront of its strategy and deployment. All the benefits outlined above that either exist right now or will deliver in the near future are being introduced with that concept in mind.

Beyond simply optimizing efficiency, a revolutionized energy sector will become more flexible and more attuned to the demands and shifts in living and working patterns. Infrastructure in many parts of the world is in dire need of regeneration or added building work. With the help of a functioning AI framework, these ‘grids’ can be transformed to better meet the needs of end users.

The Role of Innovation:

Innovation sits at the heart of any transformation that happens, regardless of scope, time, or industry. However, when we talk about AI and the energy industry, it forms a fundamental part of both sides of this relationship. While AI should also be used to deliver innovation to the energy industry, it is also itself an area that is constantly upgrading and advancing.

What this means is that, for these two industries to maximize the benefit they can deliver for each other, alignment is vital. This can’t happen if AI and the energy sector are innovating in silos. They need visibility of the direction of travel that the other is heading in. Using platforms like Wazoku to provide this visibility, a space to work on common goals and ideas securely and effectively, as well as fostering long-term working partnerships is vital for this future to be as effective as possible in delivering on the potential that AI has to offer.

 

In this blog, we’ve looked at the world of AI. We’ve explained some of the key benefits that it can bring to the energy industry. We’ve also illustrated how these technologies can continue to impact innovation into the future. Following that, we’ve also looked at how innovation in this area relies on the AI and energy sectors’ ability to collaborate, co-create, and build long-lasting working relationships using platforms such as Wazoku.

By Michael Watkins

Michael is Wazoku's Product and Brand Marketing lead. Away from the office, he's our resident film buff, so if you want some recommendations for a night in front of Netflix or a trip to your local cinema, get in touch with him!