According to a paper by U+, combining artificial intelligence with other sustainable Energy sources like wind farms can save investors $1.3 trillion in transitions over the next 30 years. According to the paper, artificial intelligence (AI) can aid in improving Energy efficiency, speeding up the clean Energy transition, and lowering costs, particularly in the areas of renewable power generation, demand forecasting and management, and grid operation and optimization.
A $188 million investment in artificial intelligence will help grids last longer. Over the next 30 years, the U+ study shows the expansion of a range of Energy usage. Renewable , for example, will increase from 1.5 to 12 terawatts, but battery storage will decrease from 11 to 1.3 terawatts. According to the analysis, if AI is not implemented, the cost of electricity systems will rise by 6% to 13% by 2040.
According to a World Economic Report published last year, AI will play a crucial role in integrating the electricity, transportation, and building industries, as well as decentralising the power business. According to the paper, AI aids in the integration of renewable Energy resources into the power grid, as well as the development of proactive and self-contained electricity distribution systems. In a range of industries, AI is becoming more widely used to improve efficiency and sustainability.
It has a variety of applications, including building management, electric vehicle charging, and automated manufacturing. Smart cities are progressively implementing the technology, which is also being used in smart metres. It helps estimate usage and improves robustness by detecting potential faults, all of which can help grids and systems last longer and save money. According to the U+ research, AI is critical for clean power system predictive maintenance.