Matthew BoyleEnergy companies are tightly moving away from fossil fuels and adopting more green energy production and consumption forms after several false dawns. In fact, by 2025, renewable energy is expected to account for 35 % of the total power generation mix in some countries.
Increased consumer demand for renewable energy has been a significant catalyst, but this clean energy revolution has also been made possible by the development of cutting-edge technology.
The industry has been allowed to develop the systems and processes required to clean up its act thanks in large part to software, in specific. But what are the most important issues, and how will things change in 2024?
Utilizing cutting-edge technology for a digital future
Modern technology is facilitating everything from providing an end-to-end connected journey for energy sales to managing risk at a time of unprecedented price volatility on the industry’s path to net zero.
However, it is perhaps being noticed the most in the fields of solar, electric vehicles ( EVs ), and heat pumps.
The global thermal market is still expanding quickly. There are n’t many IT stack incumbents to get around, which is one of the reasons. The process of installing solar panels is complicated, though.
In order to digitize this thermal lifecycle, from site selection to continuous maintenance, a number of cutting-edge software solutions have emerged. The people who make sure the solar farms themselves are situated in the best places have been key to this. We will just see more software solutions develop as thermal adoption grows to make the transition easier.
EVs are anticipated to account for the majority of new car sales by the end of the decade. Every stage of the value chain, from battery analytics to charging to port electrification, is now being touched by software.
However, I anticipate that more solutions will be introduced in 2024 to provide billing and payment solutions that strengthen the ecosystem on top of current charging offerings.
Government grants are available in the UK, like in various nations, to encourage end users to replace outdated gas boilers with contemporary heat pumps. However, what will probably propel it forward in 2024 is the recently announced £10 million that will be made accessible through the Heat Pump Available Programme to support sector innovation.
This cutting-edge software might make it easier to design heat pumps, expedite the process of making proposals, and shorten the time it takes for contractors to determine whether a house is heat pump-ready.
AI’s use in forecasting
Of course, the energy sector is beginning to use artificial intelligence ( AI ) to automate routine tasks and lessen the likelihood of manual errors, just like other industries.
The latter is especially crucial in a sector like energy where an error can have fatal repercussions.
On the forecasting side, AI and machine learning are being used especially well. Previously, supply of fossil fuels was comparatively regular, whereas demand was changing.
With solar energy, however, the situation is reversed. Without wind, a wind farm is n’t very useful, and without the Sun, neither is the solar farm.
Hence, accurate weather forecasting is essential for energy suppliers to make wise choices and effectively load-balance the network. But keep in mind that AI is just as good as the information it receives.
Data is increasing accountability
Data is promoting accountability as well. In the past, some suppliers have been charged with exaggerating their economically friendly actions through deceptive marketing gimmicks.
Nevertheless, consumers are extremely knowledgeable, and those suppliers have understood the need to stop this “greenwashing” and take responsibility.
It has never, however, been simple. As energy has been decarbonized, it has become more and more decentralized. Owing to a lack of reliable data, ensuring complete energy genealogy throughout the supply chain has proven to be extremely challenging.
However, cutting-edge technology like Internet of Things ( IoT ) sensors are now being used to streamline accountability by gathering energy information from a variety of distributed devices. This information may result in an authenticity certificate, such as a Renewable Energy Certificate ( REC ), demonstrating that the energy produced comes from the sources it claims to be renewable.
Energy management solutions will become more accurate and increase the advantages customers can get from green energy as data becomes more common and visible in 2024. By purchasing energy from the cheapest supplier or facilitating energy use at the lowest rates, they can reduce their energy costs.
The main catalyst for the revolution in clean energy
Modern software is required as a result of the industry’s collective transition to net zero in order to improve actual asset performance and raise the level of accountability within the supporting energy ecosystem.
In fact, some former oil and gas service providers now consider themselves to be providers of technology services. For instance, oilfield services behemoth Schlumberger rebranded itself as a provider of online services and an advocate for cleaner energies just last year.
There is no doubt that the modern technology required to address our energy challenges has emerged as the main driver of the clean energy revolution, whether it be using Iot to better predict the weather or IoT sensors to provide the intelligence to optimize delivery.
