The #AIEYE: #AI Saving Money and Promoting Efficiency
in #Energy Sector: (NYSE: $GE) (TSXV: $MCLD.V) (OTCQB: $MCLDF) (NYSE: $EXC)
(NASDAQ: $SPWR)
Point Roberts WA, Vancouver BC – March 26,
2019 – Investorideas.com,
a global investor news source covering Artificial Intelligence issues a special
edition of The AI Eye, looking at how AI will
play a significant role in clean energy and energy efficiency.
As clean and efficient energy becomes
increasingly important to consumers from ongoing environmental concerns, and in
the interest of affordability, more and more companies look to employ AI and
machine learning technology to keep abreast with demand.
Read this
in full at https://www.investorideas.com/news/2019/artificial-intelligence/03261AIEye-GE-MCLD-MCLDF-EXC-SPWR.asp
Veteran multinational General Electric (NYSE:GE), through its utility
analytics digital energy solutions
combines AI with state-of-the-art machine learning capabilities to “deliver
predictive and prescriptive insights.” In an article on Utility Dive on data analytics
in the power sector, GE Power Digital Senior Director of Data and Analytics, Matt Schnugg said:
"Data is a linchpin of our collective energy future.”
“Data
analytics is already improving utilities' asset performance and is beginning to
improve customer engagement. But the automated and integrated system that will
enable peak performance, energy networks, and connected communities are still
to come. The next step is "enabling advanced analytics" and incorporating
it into AI processing "at hyperscale," GE's Schnugg said.
Another way AI technology is being
leveraged is in the streamlining of alternative sources of energy, such as
wind. Analytics India
quotes Google DeepMind researchers in a recent article, on how they have
increased efficiency through machine learning:
“Although we continue to refine our
algorithm, our use of machine learning across our wind farms has produced
positive results. To date, machine learning has boosted the value of our wind
energy by roughly 20 percent, compared to the baseline scenario of no
time-based commitments to the grid.”
Similar innovation can be seen by Universal
mCloud Corp., (TSXV:MCLD) (OTCQB:MCLDF) which was
recently named as one of TSX Venture
Exchange’s top performing startups in the technology sector. The company has
signed a Memorandum of Understanding (MOU) with Ecotricity affiliate Britwind
Ltd. which will see Universal mCloud upgrade the latter’s wind turbines with AI
and analytics. Called rEsolve, the upgrade enhances the operation of Britwind’s
1,000 Endurance E-series turbines alongside a 5-year warranty. mCloud’s Chief
Growth Officer, Costantino Lanza commented:
“mCloud’s
expertise in AI and analytics for wind applications complements Britwind’s
strengths in the manufacturing and maintenance of wind turbines,” said
Costantino Lanza, mCloud’s Chief Growth Officer, who is also leading mCloud’s
activities in the Smart Wind segment. “Our AssetCare™ for Wind solution will
connect Britwind turbines to help their customers achieve peak performance.”
But it’s not only wind energy that is
benefiting from the application of AI capabilities. A report from Research and Markets
projects that the solar power market in the Americas, for instance, is expected
to expand at a compound annual growth rate (CAGR) of 19.2 percent between
2018-2022 in terms of total installed capacity in select countries. A piece
from nanalyze looking at AI in
renewable energy highlights SunPower Corporation (NasdaqGS:SPWR), and how it is leveraging AI
and other technologies:
“The
Silicon Valley-based company recently built a new solar research facility. One
of the key tools at the new $25 million facility involves quality control over
the photovoltaic cell manufacturing process. AI is used to analyze the process
to not only ensure a quality product, but to provide new insights to improve
the technology over time. Incidentally, SunPower is embracing all kinds of
emerging technology, including the use of drones to survey potential solar
power farm sites in order to create more efficient designs. No doubt engineers
will employ machine learning there as well, maybe through HST Solar or just buy
the startup outright.”
Elsewhere, Constellation, an Exelon
Corporation (NYSE:EXC) employs
third-party Pear.ai’s “virtual energy agent”, Sam, to converse with customers,
allowing them to ask questions and gain insights regarding energy costs. Chris
Buzby, Senior Manager of Corporate Strategy, Innovation, and Sustainability at
Exelon wrote in a Constellation blog post earlier this year:
“Constellation
is looking at AI to decrease our customers’ energy costs and to optimize the
many tasks they perform on a regular basis. As we think about the cost for our
customers, it is easy to just think about the price per kilowatt-hour, but we
know our customers think about more than just that number. They are interested
in ways to be more efficient or to decrease capacity costs and other
energy-related costs.”
Though surely still in the earliest stages
of adoption, AI can already be seen to have made gains for both wind and solar
energy markets with data analytics, as well as on the consumer-end, helping to
both reduce costs and promote greater energy efficiency.
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