Digitalisation |
Extracting the value of digital transformation in power generation
Digital transformation is much talked about and promises significant benefits for the power generation sector. But there’s a long way to go and a pressing need to accelerate digitalisation. How can this be done?
Kevin Worster head of power and renewables, Yokogawa
Digital transformation (DX) holds great potential for businesses, not least for those in power generation that provide critical infrastructure to the wider economy. Like many others, this sector is becoming increasingly aware of the profound improvements tech-enabled initiatives can deliver, offering deeper insight, more informed decision-making and better ways of working.
However, it’s fair to say even the most technically advanced organisations have only just begun their transformation journey and few complete use cases exist. One industry study from 2018 found only 28% of power utilities had engaged in some form of DX strategy, while a further 46% said it was a growing area of focus. The remaining 26%
2 3
thought it was only just gaining traction or still in the early stages of development.1 These figures have likely increased in the intervening years but still remain some way off where analysts believe they should be. Indeed, the need to accelerate digitisation across power generation is noted in forecasts issued via the World Economic Forum, which found that cloud-based asset management, real-time platforms data and condition monitoring could deliver at least $100 billion of value each year over a ten-year period.2 Given this opportunity, now seems an important time to analyse current approaches to DX and the common challenges faced by those working in power generation. In doing so, these businesses will be able to determine their readiness for change and create a roadmap that addresses their specific needs.
https://www.raconteur.net/sponsored/digitalisation-power-industry-real-happening-now/
http://reports.weforum.org/digital-transformation/electricity-an-industry-ready-for-digitization/ https://www.gov.uk/government/news/end-to-coal-power-brought-forward-to-october-2024
36 | October 2021 |
www.modernpowersystems.com
What’s driving change? Even before the outbreak of Covid-19, fossil- fuelled power plants faced significant disruption from the increased uptake of renewable energy sources and ambitious decarbonisation targets. The UK, for instance, is scheduled to phase out all coal-fired power production by 2024 as wind, solar and energy storage begins to account for a larger share of the nation’s energy mix.3
While
good news for the climate, this energy transition has issued an expiry date for a large amount of existing infrastructure. Businesses no longer want to invest in new plant upgrades, so they are turning to DX to sweat their assets before eventually shutting them down.
Many companies started their DX journey by introducing basic hardware, such as sensors and edge devices, to generate data models that
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