Demand response management
[wtm_use_case_cats]
A key to successful energy management lays in the balance between demand and supply. Both high and low demand rates cause a lot of problems and costs for both energy providers and consumers.
Specific real-time management applications and solutions allow monitoring metrics of energy use, define the activity pick and adjust the energy flow to the current demand rate. Moreover, there exist response management programs encouraging consumers to use energy at a specific time and save money. Thus, consumers get a chance to shift to a better pricing program and providers get an opportunity to achieve the desired balance in energy provision.
Benefits for the company
Forecasting is important for utilities that are diversifying their portfolios to include renewable – and fluctuating – energy sources (e.g., wind, solar and tidal). Simulations and models make it possible to determine when energy will be needed and at what level.
Feasability
High
Type of expertise/ AI domain
Machine Learning and Statistics, Prediction, Anomaly Detection
Internal data required
Demand data
External data possible
Geo-Spatial Data, Census, Weather Reports, Demographical Data, OpenStreetMap, the Internet (e.g., twitter feeds)
Under conditions of a constant search for renewable energy sources and the need to use energy efficiently, smart energy management is at the peak of its popularity.