Renewable energy is a hot-button issue these days. People are concerned about the environment and want to do their part to help reduce carbon emissions.
The use of AI energy intelligence can be applied in many different ways for renewable energy development and we will explore just three of them below: data generation, predictive analysis, and financial modeling. We will also take a look at some tools that are available for each one!
Data Generation and Analysis: Data generation is the process of collecting data about a subject. In renewable energy development, we can collect data on energy production capabilities, which will then be analyzed to identify any potential problems that may arise in the future. AI algorithms are being used more often for this type of analysis because it allows you to find patterns or anomalies much faster than humans alone ever could!
Predictive & Prescriptive Analyses: Predictive analyses help us understand what might happen if certain actions are taken. For example, predicting how different areas use electricity during peak hours so power companies know where they need to focus their efforts reduces costs by minimizing unneeded infrastructure expansions. The same goes for preventive maintenance – predictive analytics can tell us which equipment is likely to fail soon and we can then do what’s necessary to prevent that failure from occurring.
Forecasting: As part of predictive analysis, forecasting helps us understand how the world will be in the future. Data is collected on energy production capabilities, which are then analyzed by AI algorithms using machine learning techniques to find patterns or anomalies much faster than humans could! This type of analysis allows businesses to plan ahead so they know where their resources need to go for maximum efficiency – whether it’s human resources or infrastructure expansions. For example, if you forecast when peak demand occurs each year at different geographical locations across your region (based out of one central location) this data would help companies determine where best not only focus efforts during the summer but also where to build new power plants so that energy production is high even during peak demand.
The electricity grid around the world, in many cases, cannot handle a sudden increase of renewable energy being added to the system without significant upgrades and redesigns. Predictive analytics can help determine how much solar or wind needs to be added when adding renewables because it forecasts what will happen if you add more generation capacity now versus waiting for another few years until your infrastructure has been updated. Forecasting helps us understand how we need to plan our future before it happens! And these are just two ways AI and machine learning are used in renewable energy development.
The different ways AI and machine learning can be applied to renewable energy development. Imagine that you are an asset manager for a company with commercial solar PV or wind power assets in California and you want to maximize your return on investment (ROI) while mitigating risk from unfavorable changes in state regulations, such as net metering rules, or plummeting prices of natural gas because it is used as fuel at your plant locations. You might turn to data analytics solutions powered by artificial intelligence/machine learning algorithms to help manage these risks. For example, if electricity rates change based on when people use it during peak hours, then the use of AI and machine learning can help determine the best time of day to sell solar energy, which is typically in the morning.
With data analytics powered by artificial intelligence/machine learning algorithms, you can forecast demand for power and identify trends on a regional or national level that could impact your business plan. It also helps improve maintenance efforts so that equipment doesn’t break down during peak hours when it costs more to fix them.
This is accomplished through AI’s machine-learning ability to recognize patterns from historical data sets, analyze current risks and create predictive models of future outcomes based on known assumptions. Machine Learning has grown significantly over the past decade as an analytical tool to optimize energy grids and identify anomalies. Machine Learning has grown significantly over the past decade as an analytical tool to optimize energy grids and identify anomalies, such as equipment failure.
It is a way of teaching computers through data sets so that they can learn patterns on their own. This enables them to better predict future outcomes based on known assumptions. Applications are emerging in renewable energies: from predicting demand for power (and identifying trends) in order to plan your business strategy; improving maintenance efforts by learning how current weather conditions affect failure rates; or forecasting wind speeds at particular locations.