Utilities have started ploughing tens of billions of euros in investments into their grids, sparking a wave of merger and acquisition (M&A) deals and collaborations in the energy sector, with AI technology being one focus area. Photo: iStockphotoFrankfurt: Utilities can increase their efficiency by using more artificial intelligence (AI) technology, such as software to predict demand swings in the power grid or to control home appliances, consultancy Roland Berger said. Power firms across Europe, which previously depended on coal or gas-fired power plants, are having to adapt to the expanding use of renewable power sources and facing a profit squeeze as wholesale electricity prices have fallen. “Companies need to respond to this change and come up with new business models,” Torsten Henzelmann, partner at Roland Berger, said. AI could be used heating, lighting and other household appliances to help them adapt to the daily habits of consumers and use energy more efficiently, Roland Berger said.

Source: Mint March 12, 2018 06:56 UTC