The power and potential of AI in Energy

Artificial Intelligence (AI) has evolved dramatically over the past few years, and is poised to have a significant impact on the way data is analysed in the strata industry. Strata properties, consisting of multiple units within a single building or complex, face unique challenges and opportunities when it comes to optimising energy use and promoting sustainability. How can the power of AI be harnessed to streamline strata energy management?

Energy Retailers & Networks

Energy retailers have adopted AI into their systems, to extensively analyse customer data, for example consumption patterns, demographics, and preferences to segment customers into different groups. This allows for personalised offerings and targeted marketing campaigns tailored to specific customer needs.

AI models are trained to predict energy demand patterns based on historical data, weather forecasts, and other variables. Retailers and networks use this information to optimise pricing strategies, adjust tariffs dynamically, and manage supply-demand balance more effectively.

Metering Providers & Energy Brokers

Metering providers can remotely diagnose metering issues, optimise data collection processes, and manage network performance efficiently, with AI enabling real-time monitoring and control of smart meter networks. 

Metering providers and brokers like Watt Utilities leverage AI for advanced data analytics, deriving actionable insights from large volumes of meter data. AI can identify trends, anomalies, and correlations that assist in effective energy management and forecasting.

For example, Watt Utilities software platform uses AI, programmed to extract data from utility accounts, verify data against changing structures, validate accounts and look for anomalies in consumption patterns. AI analytics is also used to help forecast market trends to enable our clients to make informed decisions regarding future energy contracts.

AI Collaboration

Retailers, networks, and metering providers collaborate using AI to optimise grid operations, implement demand response programs, and manage energy flows more intelligently. This joint effort maximises efficiency across the entire energy value chain.

Takeaways

AI, whilst still an emerging technology, already offers immense potential for the strata industry to enhance energy efficiency, promote renewable energy adoption, and foster sustainability practices. 

By leveraging AI-driven solutions provided through brokers like Watt Utilities, strata properties can achieve cost savings, reduce environmental impact, and create healthier and more resilient living environments for residents. AI empowers retailers, networks, brokers and metering providers in the energy sector to operate more efficiently, deliver better services, and drive sustainable energy practices. 

As these technologies continue to evolve, their impact on the energy industry will deepen, ushering in a new era of smart, responsive, and resilient energy systems.