AI slashes energy costs by billions.

Thursday 29 August 2024

Exciting new research has revealed that a significant number of energy organisations are gearing up to incorporate Artificial Intelligence (AI) into their operations within the next year. The latest study conducted by energy expert DNV suggests that by 2050, the integration of AI could result in a remarkable $1.3 trillion (£982 billion) reduction in clean energy generation costs and a staggering $188 billion (£142 billion) decrease in grid equipment expenses.

The report titled ‘Leading a data-driven transition’ demonstrates how AI technologies such as smart grids, predictive maintenance, and real-time data analytics are already revolutionising the energy industry. While 28 per cent of the surveyed professionals rated their organisations as excellent in terms of digitalisation, a significant 37 per cent acknowledged that they still have work to do in this area.

Despite this, an impressive half of the 1,300 senior energy executives interviewed expressed their intentions to harness the power of artificial intelligence in their business operations over the course of the upcoming year. The report strongly asserts that a successful energy transition is only possible with efficient and robust digitalisation strategies in place.

Speaking on the importance of liberating data from outdated systems to facilitate better decision-making, Paula Doyle, Chief Digital Officer at Aker BP, highlighted the necessity of making data more accessible to both human operators and machine learning algorithms.

If you wish to delve deeper into the fascinating insights provided by this research, we invite you to join our vibrant community of members at the Net Zero Club News Network. By registering with any of our membership tiers, you will gain access to exclusive content and stay informed about the latest developments in the world of sustainable energy.