Energy and utility customers want the industry to clean up their act. 

Around 70 percent of Americans believe the country should prioritize developing energy sources like solar and wind rather than expand oil, coal, and natural gas production. 

However, Pew Research found that only 31 percent of Americans support entirely moving away from oil, coal, and natural gas consumption. Instead, 67 percent of those surveyed believe the country should use a mix of fossil fuels, wind, water, and solar energy sources.

The industry is anxious to meet these contrasting challenges, but the move to modernize service infrastructures and deliver customer-centric services using an outdated legacy system is problematic–and expensive. 

“The market for AI in the energy and power industry has benefited from the rising energy demand as a result of utilities being under pressure to optimize energy production and distribution to satisfy growing demand while also ensuring that their systems remain dependable and cost-effective,” a recent press report states, adding that the U.S. Energy Information Administration (EIA) projects that between “2018 and 2050, the world’s energy consumption would rise by almost 50%.”

This journey is not without its challenges. As we delve further into AI technology in the energy industry, we must address concerns regarding data security, privacy, and the ethical use of AI algorithms. 

Striking the right balance between innovation and responsibility is vital to unlocking AI’s full potential for a sustainable and equitable energy future.

 

AI tech can be the backbone for modern energy systems…

Leading companies respond to complex customer expectations with digital transformation equipped with AI-tech capabilities to drive scalable, environmentally-supportive strategies that improve energy services with more efficient, sustainable, and cost-effective processes. 

At Simplus, we realize this groundbreaking technology has become the backbone of energy systems, offering more innovative, efficient, and sustainable solutions to meet the ever-increasing demands of our energy-hungry world.

At its core, AI in the energy sector empowers us to optimize energy production, predict consumption patterns, enhance grid resilience, and implement intelligent energy management strategies. With the ability to process vast amounts of data in real-time, AI algorithms can make lightning-fast decisions, ensuring a reliable power supply and reducing wastage.

Moreover, AI-driven technologies are fostering a paradigm shift in energy efficiency. Smart grids, empowered by AI, can automatically balance supply and demand, respond to fluctuations, and manage energy flows seamlessly. This results in reduced costs and emissions and an overall reduction in our carbon footprint.

The potential of AI in the energy industry extends beyond just production and consumption. AI-powered applications also enhance power plants and distribution network safety and maintenance practices. Predictive maintenance algorithms can identify potential equipment failures before they occur, optimizing asset life and minimizing downtime.

 

…and a solution for security vulnerabilities

However, this journey has its challenges. As we delve further into AI technology in the energy industry, we must address concerns regarding data security, privacy, and the ethical use of AI algorithms. 

Energy systems’ increasing digitalization and connectivity exposes the industry to cybersecurity risks. In 2022, experts estimated cyber attacks cost the energy sector 4.72 million per incident on average. 

But why target the energy sector?

“Fundamentally, energy systems are the backbone of a country’s economic activity,” explained cyber security expert Luke James. “The energy sector is heavily reliant on distributed, complex infrastructure. This means a larger attack surface for nefarious threat actors to target. All this together makes the energy sector particularly vulnerable to attacks — and this vulnerability continues to grow with each passing day with the deployment of digitized solutions and even more decentralization.”

Striking the right balance between innovation and responsibility is vital to unlocking AI’s full potential for a sustainable and equitable energy future.

In an upcoming ebook, The Future is AI: How AI Cleans Up Energy & Utilities Operations, we’ll identify the most common challenges energy and utility-focused industries face and explore AI-technology solutions digital transformation offers. 

Then, we’ll highlight the AI/GPT innovations that have everyone talking–or having GPT do the talking for them. Either way, AI technology is helping Energy and Utility companies elevate their customer experience with unprecedented service. Check it out! 

In this era of AI-driven transformation, the energy industry stands at the forefront of progress, embracing innovation to create a cleaner, more efficient world. 

Questions? Let’s explore the challenges and solutions that place the energy industry at a critical crossroads. With the Simplus team on your side, we can balance the need for increased productivity and reliability with meaningful and achievable sustainability.