Smart Grid Data AnalyticsDecember 13, 2010 No Comments
Business Intelligence, Situational Awareness, and Predictive Analytics for Utility Customer Information and Grid Operations: Market Analysis and Forecasts
Information is the lifeblood of every organization. As utilities transition to the smart grid and expand it over time with the installation of thousands and sometimes millions of smart meters, they must address the most challenging question. How can I take advantage of the flood of data resulting from the smart meters and other intelligent devices on the smart grid? As soon as a utility company begins to receive data, it must be able to transform the raw data into useful information, such as reviewing it for any changes or events in the grid that trigger alarms into outage management systems and other real-time systems. Data analytics plays a major role in converting volume of data into business value – from the very beginning of a smart grid deployment.
There are multiple market forces fueling a growing demand among utilities for smart grid data analytics software and services, but one major driver is the significant benefit that can be derived by turning data into valuable and actionable information through analysis of the massive amount of data that is generated by smart meters and other devices. Utilizing smart grid data analytics tools and related services, utilities will be able to gain better insights into their customers’ energy consumption behavior to serve them more effectively, manage billing issues, communicate about outages, and to collaborate with them to foster energy conservation and reduce peak demand. Data analytics also plays a central role in optimizing the smart grid operation, providing insights into the performance of the distribution system and its various assets in order to help avoid power failures.DATA and ANALYTICS