Energy services, with their unique challenges, are now primed to take advantage of the vast potential in data technologies, connected devices, the internet of things, and the advance in analytics, in an age of energy data eco-systems. The future of energy could now be determined by advanced digital technologies that harness and analyze big data to better manage the demands of a changing industry.
“Common platforms, the force behind the energy data eco-system”
Common platforms, shared data and a more integrated approach to energy delivery, with a smart grid feeding a smart city, is the force behind the energy data eco-system, and it’s already revolutionizing the way businesses approach the challenges of delivering an optimized, managed and sustainable energy service.
Finland is already well advanced with smart grid capabilities where device sensors across the spectrum of generators, vendors and distributors to the smart metering of consumers come together in an integrated form to deliver common energy business goals. Finnish companies are also leading the way in complex data analytics platforms that can best utilize the increase in high-volume real-time data.
“The infrastructure for smart energy in Finland is already far advanced”
Data driven energy eco-systems are a fundamental key to achieving these goals and the EDES (Energy Data Ecosystem and Services) R&D project in Finland aims to identify and develop the vast potential of digital data across the energy delivery chain. Finland is already a world leader in energy technology, and is exporting that expertise and ICT infrastructure to a global marketplace, driving the quest for global standards and compliance in the energy sector.
The World Economic Forum highlights three primary challenges for the future of energy:
- Economic Growth and Development
- Environmental Sustainability
- Energy Access and Security
The infrastructure for smart energy in Finland is already far advanced, with universal smart metering and ICT platforms with specialized energy analytics, that will impact the generation, distribution, and consumption of energy across the sector. The challenge now is to fully integrate the sector into a streamlined eco-system that can face the challenges of increasing renewables coming to market, economic concerns with increased competition and energy regulation, and the demands of the consumer.
“Developing solutions for energy companies that help drive, manage and optimize the industry during these challenging time”
The introduction of real-time data via second generation smart meters has enabled Finnish companies like EnoroCX, with their specialized cloud Energy data analytics platform Utilytics Insight, to play a key role in ensuring sustainable growth and affordable energy, helping to harmonize distribution in fossil and renewables, predict loads and peaks, and attain new insights into consumer behavior. The real challenge now is for energy services to effectively work together to achieve an integrated system of data intelligence and analysis through a common platform which benefits all the players, and also satisfies the rigorous demands of the consumer and the regulators.
ICT vendors like EnoroCX, who is an investor and advisor on the Finnish EDES project, are developing solutions for energy companies that help drive, manage and optimize the industry during these challenging times, especially with integration of renewables to the market, increased competition and regulation, and a narrowing margin of demand and production which demands a leaner and more flexible business model. For example, data analysis of the usage and the grid using the UtilyticsCX Insight platform ensures that energy traders can optimize loads and forecast usage and provide demand response solutions to meet the challenges and evolving needs of all energy stakeholders.
“There is no margin for waste in the business model of the future, and there is no need for anything other than hyper-efficiency”
An eco-system of cooperating parties and a common ICT platform with advanced data analytics beyond that of simple data intelligence is already proving to be the essential component of any energy system, managing fluctuations in the marketplace, predicting the complexities of demand through smart metering and weather information, and optimizing the business of generation and distribution.
There is no margin for waste in the business model of the future, and there is no need for anything other than hyper-efficiency if the power of predictive energy analytics is harnessed. But the eco-system depends on bringing together all the players to agree terms. The benefits are clear – increased efficiency, optimized systems, flexible and scalable business models, faster innovation and common goals. A sustainable eco-system means profitable energy and a responsible public service for today’s consumer with a better outlook for future generations.
Thanks to Jaakko Huhta, Analytics Vice President at EnoroCX, for contributing to this article.
Continue discussion with Jaakko at email@example.com
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