Legacy technology has stalled the full potential of the smart grid, making the act of processing the volume of smart grid and smart home data ridiculously expensive and technically unfeasible. But recent advances in connectivity, data management, analytics and machine learning give us the tools to deliver on the smart grid’s promise.
Getting a Handle on Data
GPU-accelerated databases offer a solution for some of these smart grid data challenges. Such databases allow analysis and geospatial rendering of massive amounts of smart grid data in real-time. Through machine learning, complex datasets are simplified to uncover billions of rows of data insights in mere milliseconds. Combining geospatial data with data from sensors and other sources will give utilities deeper understanding and greater awareness of grid health.
Utilities can use this information to accurately balance power supply and demand. In turn, consumers can optimize energy use for when it’s most affordable and environmentally responsible.
3 Real-Life Examples
Forbes magazine reports that innovative utilities are already using data from the smart grid to their advantage.
- The Boston Consulting Group (BCG) found that an energy retailer was able to boost its gross margins by more than 20% by creating detailed customer profiles using multiple sources of data to guide pricing increases, targeting those likely to pay and avoiding those at high risk of churn.
- Florida Power and Light was able to use grid data to monitor the status of their grid and operations (particularly from their smart meters) to gain $30 million in operational savings.
- Norway has reached the epitome of clean energy, with over 96% of electricity produced from hydro power, and a goal of selling no fossil fuel-powered cars by 2025. The country is on its way to being the first fully renewable energy-powered nation, and is reaping significant benefits like more efficient energy generation, new jobs in the renewables sector, improved consumer choice in energy and reduced carbon footprint.
Get Smart about Smart Grid Modernization
Don’t forget: there’s still time to register for tomorrow’s free Modernizing the Smart Grid webinar! Join John McDonald, Smart Grid Business Development Leader at GE Grid Solutions for an informative look at what it takes to modernize the smart grid in today’s rapidly changing environment.
And coming soon: the IEEE Modernizing the Smart Grid new 4-course online training program, designed to get you and your team up to speed quickly on the latest smart grid technologies. Learn more and pre-order this valuable program for your organization today.