Harnessing the power of data to accelerate the energy transition

Published
May 26, 2023
Last Updated
May 26, 2023
Digitalization accelerates energy transition

In today's rapidly evolving world, digital technologies have emerged as a powerful catalyst in transforming the energy industry. A recent article written by International Energy Forum (IEF) identifies how these technologies can go beyond not only meeting energy demands, but also playing a pivotal role in expediting the shift towards cleaner energy sources. From smart grids and energy management systems to predictive analytics and machine learning, these digital tools empower industries and individuals alike to make informed decisions, optimize energy usage, and contribute significantly to achieving our net-zero climate goals.

Revolutionizing grid management through energy digitalization

According to the research by the World Economic Forum (WEF), it shows that embracing digital technologies across energy-intensive industries could lead to a 20% reduction in emissions by 2050. Within a smart-network energy grid, brimming with interconnected devices, the management of power demand can be seamlessly automated and optimized to the extent that surplus energy can be intelligently redirected to areas with the highest demand and usage. Ensuring a reliable demand-response system necessitates the inclusion of diverse energy sources in the power mix. While solar power diminishes during the night and wind energy exhibits variability, alternative sources are essential to compensate for these fluctuations and meet high demand levels effectively.

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Energy digitalization reduces co2 emissions
Energy digitalization reduces co2 emissions

Revolutionizing grid management through energy digitalization

According to the research by the World Economic Forum (WEF), it shows that embracing digital technologies across energy-intensive industries could lead to a 20% reduction in emissions by 2050. Within a smart-network energy grid, brimming with interconnected devices, the management of power demand can be seamlessly automated and optimized to the extent that surplus energy can be intelligently redirected to areas with the highest demand and usage. Ensuring a reliable demand-response system necessitates the inclusion of diverse energy sources in the power mix. While solar power diminishes during the night and wind energy exhibits variability, alternative sources are essential to compensate for these fluctuations and meet high demand levels effectively.

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Energy digitalization drives renewable energy optimization

Energy digitalization drives renewable energy optimization

According to the International Energy Agency (IEA), by the year 2040, the implementation of digital technologies and enhanced energy storage capabilities is projected to significantly decrease the curtailment of solar and wind energy in the European Union (EU). The IEA forecasts a remarkable reduction in CO2 emissions in instances where solar and wind energy cannot be harnessed due to insufficient sunlight or wind. This transformative advancement highlights the potential of digitalization and storage solutions in maximizing the utilization of renewable energy sources, paving the way for a more efficient and sustainable energy future.

Embracing digitalization empowers power grids to effectively align energy demands with storage during periods of peak renewable energy output. The application of machine learning has already demonstrated its ability to enhance the value of wind power by approximately 20%.

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Machine learning enhance wind power
Machine learning enhance wind power

Embracing digitalization empowers power grids to effectively align energy demands with storage during periods of peak renewable energy output. The application of machine learning has already demonstrated its ability to enhance the value of wind power by approximately 20%.

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Ensuring safety and security on larger scale

With the increasing prevalence of data utilization and digitalization in the energy sector, the security of these systems will face growing scrutiny. Education, monitoring, detection, shared responsibility, and cyber resilience will all play crucial roles in adapting to a digital energy future. Furthermore, in the short term, the rapid expansion of digitalization, the Internet of Things (IoT), and connectivity across industries will make substantial contributions towards achieving net-zero climate goals.

About International Energy Forum (IEF)

The International Energy Forum (IEF) is a non-profit international organization made up of 71 Member Countries that seeks to promote greater awareness and mutual understanding of shared energy interests. As a signatory to the IEF Charter, each member is committed to engaging in the global energy dialogue facilitated by the Forum.

The IEF serves as a neutral facilitator for open, informed, and ongoing discussions surrounding energy matters on a global scale. With recognition of the interdependence of its member countries in the energy field, the IEF promotes cooperation and a greater understanding of shared interests through its neutral framework. By doing so, the Forum aims to ensure global energy security and foster mutual understanding among its member nations.

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