Paul Favret – The Trend of Digitalization in The Energy Sector

The moment you think about the term fossil fuel, you consider it appropriate as a traditional way for generating energy designed for the globe in the past. However, in some major parts of the world, the dependence on fossil fuels has extended beyond what it should have in modern times. Today, consumers should wake up and reconsider their energy resources to reduce their reliance on fossil fuels and protect the planet from climate change and its other adverse effects.

Paul Favret is the CEO and Founder of Source Energy LP. In the past, he was the Chief Executive Officer at Aspect Energy. According to him, one of the biggest challenges the world faces today is transforming the energy sector.

One of the best ways to do so is with the help of digitalization. This is a novel trend and entails the use of devices, digital machines, and technology to optimize energy production, its use, and infrastructure. Look around and find “intelligent” solutions everywhere, right from intelligent coffee machines to vacuum cleaners. If this trend works there, why not in the energy sector too?

It is time to go digital

Today, there is a focus on zero carbon emissions. This can only be a reality when digital resources are embraced and implemented. When you want to focus on zero carbon emissions, the systems will obviously be complex, and decentralized grids and networks require intelligent solutions for effective management and monitoring. They will be useful to look after the fluctuating demands. With the help of innovative digital tools, many challenges in the energy sector can be conquered, and the much-needed transformation can be incorporated into it smoothly.

Now, the question is, what sort of digital tools will help the energy sector when it comes to digitalization?

Given below are the key tools that are indispensable for the sector-

  1. Artificial intelligence and predictive analysis– this will come in handy when it comes to analyzing and predicting demand. The power can also be adjusted with this technology from the distributed grids.
  2. The Internet of Things– This includes smart thermostats that help consumers reduce their energy bill costs.
  3. Blockchain- this will come in handy when it comes to the creation of smart contacts that allow consumers to track their energy sources.
  4. Digital twins– They can be used for creating a virtual replica of the whole grid or the power plant, permitting providers to model a wide range of different scenarios to make smart decisions and boost efficiencies.

According to Paul Favret, transforming the whole energy sector is a mammoth task, and it is not easy. Traditional energy organizations will be slow to change as they will face some complications like safety and health risks, along with the large amounts of capital that have been invested in energy assets. However, if they wish to stay relevant in the industry today, change is inevitable and certainly mandatory for them!

Related posts

Leave a Comment