The energy business is changing dramatically, making things harder than ever for service providers. New sources of electricity have emerged (wind turbines, photovoltaic systems, etc.) and their number is growing, increasing the system complexity. To add to the challenges, the shorter lifecycles of these new sources compared to conventional power plants make the management of such assets more difficult. But that’s not all. The variations in energy production also have to be taken into account as huge load swings occur for photovoltaic panels on a partly cloudy day, for instance.
Given the number of data collected by energy meters has now reached a huge number, data collection needs to become a lot more efficient. German conglomerate Siemens is making a competent use of big data by turning it into smart data. Changes in customer behavior have to be taken into account as they can now easily move to a new energy provider. In sum, the dependency relationship that existed between power suppliers and consumers have been replaced by liberalized markets. Watch the video to find out more.