HOUSTON, March 16, 2021 /PRNewswire/ -- Innowatts, the leading AI-enabled SaaS platform for global energy providers, today announced that it was recognized as an honoree among the 2021 Global Power & Energy Elites, which recognizes smart-energy projects that play an impactful role in the energy revolution for utilities and their customers. Innowatts shares the recognition with project partner Scottish and Southern Electricity Networks (SSEN).
The final deliverable produced 15-year forecasts for four energy feeders selected by SSEN. To do so, Innowatts employed its AI platform, powered by behind-the-meter data from more than 43 million global meters, to analyze a range of scenarios that impact long-term load forecasts. The platform provides insights into how changing consumption patterns will affect future grid requirements and can help grid operators plan when and where to invest (and equally, when and where not to invest) in electricity infrastructure.
The results of the 15-year scenario analysis found that growth in electric vehicles (EVs), and their relevant charging points, will be the largest contributor to SSEN's load growth. Conversely, growth in Photovoltaic (PV) solar installations is forecasted to only incrementally reduce SSEN's annual load. Because solar PV demand can fluctuate drastically based on the season, Innowatts' analysis concluded that network reinforcement and flexible solutions will continue to play a large role in the future.
With the move towards decarbonization and energy decentralization, traditional top-down forecasting approaches are no longer adequate for electricity operators to provide a safe and reliable supply of electricity to the communities they serve. Innowatts' project with SSEN illustrates how energy providers can leverage the global expenditure on advanced metering infrastructure (AMI), expected to reach $145.8 billion in 2024, to gain bottom-up insight into changing load patterns due to the increase in Low Carbon Technologies (LCTs) on the network by integrating machine learning and AI into their forecasting models.
"We're honored to receive this distinguished award alongside SSEN, a forward-thinking power provider using AMI-enabled AI technologies to stay ahead of the curve in energy transition," said Dave Boundy, Chief Technology Officer and European General Manager at Innowatts. "It's testament to our unwavering mission to help utilities and energy providers prepare for a new energy future free from grid reliability problems, while keeping customers' interest top of mind."
The Global Power & Energy Elites Awards highlight and recognize projects across the global value chain. The projects are nominated via a public process, then a hand-picked advisory board of knowledgeable figures within the global power and energy space screen and vet each nomination. The selected projects offer direct and indirect community models that other regions look to replicate.
About Innowatts:
Innowatts is a leading energy SaaS platform that utilizes best-in-class artificial intelligence to help electricity providers unlock grid edge opportunities, increase customer value and accelerate the transition to sustainable energy solutions. The Innowatts platform harnesses insights from more than 40 million meters, delivering real-time, customer-centric energy analytics with unprecedented accuracy. With clients and operations across the Americas, Europe and Asia, Innowatts is a global leader, enabling energy providers to become truly customer-focused and fully leverage the power of data to transform their businesses. For more information, go to www.innowatts.com.
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