AI powered tools, like Dataminr, help firms make sense of the vast sets of social media data to confidently leverage information from on-the-ground events and enabling them to make the right decisions in the moment.
Energy suppliers face change. New forms of alternative energies, new network technologies and the transition to the digital world all present challenges. There are lessons to be learned about how to make the new world work.
Stanley Reed for The New York Times: A project to install hundreds of wind turbines in the Fosen peninsula area of Norway at one point was shelved as unfeasible. The strong breezes that whip off the sea can shift and swing unpredictably, while the soaring cliffs and steep drop-offs create turbulence that wears out expensive equipment.
The venture was rescued with a lot of help from the mathematical calculations of Vestas Wind Systems, a Danish wind power company. Vestas used data to figure out how to use more powerful turbines for the project, and precisely where to place them. That meant the utility developing the facility could buy fewer turbines, helping cut costs and balancing the economics of the $1.2 billion project.
The company is at the forefront of efforts to make wind a competitive source of energy, rather than just a subsidized experiment. In doing so, it has become a model for the renewables industry, which has struggled at times to remain viable while facing cuts to government subsidies and volatile oil and gas prices. Vestas understands the fickleness of the renewable energy business. Cont'd...
The Fourth Industrial Revolution means providing a personalised energy experience for the consumers, prosumers and utility companies. Consumers and prosumers want to see their impact on their bill, the grid and the environment - and they want to be accountable for their energy choices.
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