Utilizing smart data and the Internet of Things (IoT) is key to taking advantage of the digitization within the renewable energy sector. It also enables new private investors to enter the renewables market, attracted by the potential value and the sector’s imminent growth. The relation between digitalization and other energy carriers is less clear and needs additional research. Advances in digital technology are enabling these dramatic changes to our energy system. We value your privacy. Lead image credit: CC0 Creative Commons | Pixabay. Successful data analysis can also help investors (banks, funds, etc.) It is becoming increasingly important for asset managers to be able to integrate and transparently manage the technical and financial performance of their energy portfolios, especially to minimize the risk of their investors. Along with a solid digital infrastructure, IoT allows access to data almost anywhere in the world, and has the ability to analyze data mitigating the risk of investments in energy assets and to maximize the performance of portfolios. With the support of GE’s digital products, BKK aims to reduce costs with less planned maintenance, … Digitalisation is one of the biggest enablers of the global transition to clean energy. The energy sector is already using data in sophisticated ways to meet a wide range of challenges, from fault prediction in grid networks to the delivery of personalised energy to households.As more data … While people are still figuring out whether to call or spell this phenomenon energy digitalisation, digitalization, digitisation or digitization, … Digitalization Is Revolutionizing the Renewable Energy Sector. However, this will only be possible if renewable energy investors can rely on investment security, professional risk management, and standardized portfolio management for their assets, from anywhere and at any time. The drive from leadership is key to the implementation of successful digital projects. “Digitalization fosters the introduction of new technologies at all levels across Enel X to drive businesses towards a sustainable energy transition” Venturini says. Decarbonization options for ships include measures within logistics and digitalization (which can reduce carbon emissions by 20% or more), hydrodynamics (up to 10%), machinery (5–20%) and most importantly, the choice of fuels and energy sources (0–100%). But it also raises questions of security, privacy and economic disruption.”. Plan to attend Electrify Europe June 19 – 21 in Vienna, Austria. heading the second biggest German open-ended real estate fund. When you visit Clarion Events (and our family of websites), we use cookies to process your personal data in order to customize content and improve your site experience, provide social media features, analyze our traffic, and personalize advertising. Sustainable Entrepreneurship, Renewable Energy-Based Projects, and Digitalization 1st Edition and Publisher CRC Press. As a civil engineer, he is specialized in the construction of hydro power stations which gives him the basic understanding of energy assets. renewable energy GmbH, explores how digitalisation is supporting the growth in renewable energy and creating a better industry through innovations that include battery energy storage, new grid models and more efficient services and systems. Save up to 80% by choosing the eTextbook option for ISBN: 9781000292541, … Renewable energy and CO2 reduction have triggered a profound need for digital transformation of the energy sector. Arnhem, The Netherlands, 30th July 2019 – Renewable energy investors and developers are increasingly turning to digital technology to build effective investment strategies, with almost half (47%) of the finance industry saying they have digitalization … (2016) hold true, CO 2 emissions could also potentially be reduced by digitalization – when the necessary additional electricity is supplied by renewable energy and the use of other energy … (Hyperlink to:https://www.rethink-energy.com/white-paper/digitalisation). The energy industry is changing in profound and permanent ways. Decarbonization, decentralization and digitalization could facilitate the industry’s shift to zero-carbon energy. Renewable energy capacity increases faster than any other technology, as clean energy has never seen such high demand. The rise of renewables is not only beneficial to the environment, but also to the economy, with a recent industry study by the International Renewable Energy Agency demonstrating that global GDP would increase by over 1 percent to about $1.3 trillion if the market share of renewables were doubled by 2030. Renewable energy capacity increases faster than any other technology, as clean energy has never seen such high … Their potential transformative effects are massive. Contributing articles to Renewable Energy World, Seven of the 10 largest offshore wind farms are in the UK, Commonwealth of Massachusetts paves the way for solar powered EV charging stations, SEIA announces new board members for solar+ decade, Summit Ridge Energy taps Arcadia Power to help with customer acquisition for community solar. The International Energy Agency (IEA) has been spreading this key message for many years: “Digitalization holds great promise to help improve the safety, productivity, efficiency and sustainability of energy systems worldwide. If digitalization has a major role to play at plant level, the implications for the broader solar ecosystem are even more wide-ranging. Digitally-enabled demand forecasting and supply planning for coordinating supply and energy storage and discharging in a decentralized renewable-based power system will be a huge … Digitalisation is one of the biggest enablers of the global transition to clean energy. They give power and water companies visibility and insights into the performance of their equipment, plants and fleet that open new ways of operating more competitively in ever-changing markets.”. This ensures maximum transparency for investments in renewable energy assets on a global level – no matter whether investors are based in Buenos Aires or New York. Download the full white paper here. To do this, all we need is the Internet and the capability to analyze smart data. Given the current context of climate change, coupled with the increased competition within the renewable energy market, energy investors are being forced to develop new ways to increase production and efficiency by limiting the use of fossil fuels and reducing prices throughout the value chain. Along the full wind and solar value chain—where minimizing … We value your privacy. At a press conference during Asia Power Week, ABB, a Swedish-Swiss technology multinational, said that the power industry is “battling complex challenges and rapid change: shifting and ever-widening regulations, the large-scale integration of renewables and distributed energy resources, the increasing risk of cyberattack, a generational shift in the workforce, aging plant equipment, volatile dynamic pricing and business model disruption.” It stressed that digitalization, big data and analytics “offer a timely and uniquely powerful solution to solve these challenges. Since the creation of Kaiserwetter Energy Asset Management, Schoklitsch and his team have worked to develop a digital platform and tools supporting renewable energy investors maximizing their performance. According to International Energy Agency in 2017 the world produced about 21,000 Billion KWh of electricity with 3700 Billion kWh of electricity produced in the United States of America or energy required to charge 1,950 Billion iPhones if discharged and charged every day for a year (Your phone uses 6 Wh of energy in a day to fully charge ). This makes it possible to produce power, monitor performance and manage portfolios efficiently within large networks. If anything can encourage the financial community to further their investments, it is the promise of lowest risks and highest performance. This type of analytics is the driving force behind standardized management of energy assets around the globe. Cutting traffic with tech. The U.S. EPA has recognized our efforts on this front, listing Digital Realty as one of the top 100 largest buyers of renewable energy on their national Top 100 list. From intelligent asset management, to Artificial Intelligence and the Internet of Things. Contributing articles to Renewable Energy World, https://www.rethink-energy.com/white-paper/digitalisation, WAPDA says 2019 was “historic year” for Pakistan’s hydropower sector, POWERGEN 2020: Call for Abstracts is Open, Increasing wind turbine reliability through blade pitch control upgrades, Asset management – the applicaton of data, The Industrial Internet of Things – an interconnected value chain, Artificial Intelligence – helping us to work smarter, Blockchain – the opportunity for renewables, Digitalisation in the field – practical applications, Cyber security – the essential component in a digital renewable world. His professional experience brought him to understand the potential of digitizing asset management. DER, DER, Grid Scale, Microgrids, Offshore, Onshore, Rooftop, Solar, Storage, Utility Scale, Wind Power. Renewable energy will also grow outside of the power sector as industry, agriculture and buildings use less coal and oil in favor of renewables and natural gas. He is a civil engineer and holds a master degree from the University of Graz (Austria) in Business Administration. At DNV GL, we see digital technology and digitalization as key enablers of the transition to a low-carbon energy system. The North American Energy Standards Board (NAESB), a wholesale and retail natural gas and power industry forum comprising 300 corporate members, will initially focus its standards … Hanno started his career within real estate investment companies by e.g. Digitalization has become a worldwide focus and the race to become the global leader in Artificial Intelligence (AI) is becoming increasingly competitive, with many countries, including Canada, China, and the UK releasing strategies in the last twenty months to promote the use and development of AI. Digitalization is an important instrument for the energy transition and an enabler of two key industry trends: decarbonization and decentralization, both critical to enabling the energy … Renewable energy investors need service providers that are familiar with the investment landscape at a local level, can adapt to the latest technologies, and have a clear vision of market evolution and regulations. IoT, smart data analytics and predictive data simulations of these platforms provide the necessary technical and economic KPIs automatically, up-to-the-minute and free of any type of manipulation. As of year end 2019, we had 479 MW of … By choosing “I Agree”, you understand and agree to Clarion’s Privacy Policy. This new sector, called Enertech, includes organizations that use new technology to find innovative solutions to increase the efficiency and optimization of renewable energy portfolios based on an advanced asset management. These innovations increase the operational efficiency of a renewable energy plant through greater automation, seamless integration and process effectiveness. Globally, utilities are undergoing a cultural shift towards an information-based digital economy — where primary processes are digitalized — and moving away from the traditional business model that requires heavy investment in physical assets. Last week, our CEO Ben van Beurden took part in Web Summit , one … Companies need digital programs, projects and pilots to engage the right stakeholders, which extend beyond operations and often involve information technology, compliance and finance. ‍In this white paper Dr. Virgil Cazacu, Head of Digital Transformation, BayWa r.e. This helps to substantially maximize the performance of the renewable energies portfolio while at the same time minimizing its risks. Digitalization of the energy sector is the only way to help fighting against climate change and develop a sustainable development. Hanno Schoklitsch is CEO and founder of Kaiserwetter Energy Asset Management. GE Renewable Energy Signs Three Year Agreement with … Wind energy … Executive-level dashboards tailored to clients’ individual needs show the results of the system’s data analysis, which makes controlling and reporting processes much more efficient. This is the amount of energy … It is vital that there is a clear link between any digital project and a company’s strategic priorities. The only option to eliminate GHG emissions entirely is to switch to renewable fuels and energy … If the findings by Schulte et al. Digitalization should not make people feel alienated or excluded from the industry’s digital future. The electricity sector is at the heart of this transformation, where digitalisation is blurring the distinction between generation and consumption, and enabling four inter-related opportunities: 1) smart demand … Electrify Europe is the world’s first event dedicated to the convergence underway between digital technologies, power generation and transmission & distribution sectors, driven by digitalization, decarbonization, decentralization and electrification. Digitalization has the potential to enable a true “smart grid,” which uses battery storage and the “smart” release of renewable-generated energy… Digitalization for renewables through ABB Ability™ ABB Ability™ is our unified, cross-industry digital solution, giving you the ability to know more, do more, do better, together. When you visit Clarion Events (and our family of websites), we use cookies to process your personal data in order to customize content and improve your site experience, provide social media features, analyze our traffic, and personalize advertising. In the face of this change, chief executives feel there is a real danger of getting left behind if they fail to rally their organization to the new digital order. Digitalization Unlocks the Potential of Renewables. Find out how digitalisation is transforming the management, operation and maintenance of renewable energy assets, and driving a more efficient renewable … ... digitalization and many others. This company has a reputation within the industry as a leader in moving toward non-petroleum, renewable energy sources, and has in the past conducted initiatives in wind, solar, and hydrogen energy. THE FUTURE OF RENEWABLE ENERGY IS DIGITAL Invenergy has a long track record of betting on winners: in 2002, the company realized the potential power of wind energy, and today Invenergy is the … Find out how digitalisation is transforming the management, operation and maintenance of renewable energy assets, and driving a more efficient renewable world. Energy Digitalisation. Digitalisation is transforming the energy industry, by improving efficiency and safety, as well as facilitating the use of renewable energy. In order to compete, having a digital platform that makes it possible to actively steer and remotely monitor companies’ global investments is key to achieving client investment goals. The Rain In Spain Gets A Brain: How Digitalization Is Boosting Iberia’s Dams. By cutting traffic and the time people spend stuck in jams, technology can … GE to begin digitalization of EDP hydroelectric fleet. A decline in investment is not due to a lack of interest, but more significantly, a considerable drop in the costs of green energy technology. Shutterstock. to increase the productivity of their assets. The digitalization of power generation and energy asset management by using IoT and smart-data-analytics offers unexpected opportunities of boosting the expansion of renewable energies. BKK to adopt GE Renewable Energy’s Hydro digital solutions for 30 hydropower plants. Based on the findings, TEO proposes solid policy recommendations such as an attractive investment framework to mobilize energy … Green Digitalization 2020 includes three conferences organized by some of the leading research consortia in Denmark: CITIES - Centre for IT-Intelligent Energy Systems (in cities), DiCyPS - Center for Data-Intensive Cyber-Physical Systems and FED - Flexible Energy … As the sector of utility-scale renewable energy grows and becomes more mature, the use of digital solutions is becoming more prevalent. To realize that potential, the sector … By choosing “I Agree”, you understand and agree to Clarion’s Privacy Policy. The possibilites of the Internet of Things (IoT) and Big Data-analytics have revolutionized the future of the energy sector. The company’s focus is to increase the use of renewable energy and guarantee the flexibility of the electrical grid so that clients can finally transform energy … From intelligent asset management, to Artificial Intelligence and the Internet of Things. Digitalization provide diversity, and modularity, combining concepts of water as per their usage purpose, Digital Control means using IoT supporting data-driven models that can help integrate … In other words, remember to bring the right team along on the digital journey. Digitalisation and the transformation of the energy value chain. Furthermore, it is large potential to save energy and increase the amount of local produced renewable energy. A more efficient renewable world high demand and maintenance of renewable energies analysis also... Plan to attend Electrify Europe June 19 – 21 in Vienna, Austria around globe... As a civil engineer, he is specialized in the construction of hydro power stations which him. 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