AI REPRESENTS THE NEXT CRITICAL STEP IN ELECTRIC UTILITY DIGITALIZATION: EXCLUSIVE REPORT FROM LATITUDE INTELLIGENCE
AI REPRESENTS THE NEXT CRITICAL STEP IN ELECTRIC UTILITY DIGITALIZATION: EXCLUSIVE REPORT FROM LATITUDE INTELLIGENCE
PR Newswire
BOSTON, April 17, 2024
New research from Latitude Intelligence and Indigo Advisory Group assesses the state of play in the market for artificial intelligence solutions in today's power system.
BOSTON, April 17, 2024 /PRNewswire/ -- Latitude Intelligence, the market analysis arm of Latitude Media, and Indigo Advisory Group today announced the release of the Utility AI Insights 2024 Report, a first-of-its-kind study of the pathways to adoption of artificial intelligence in the power sector.
"What's exciting about this particular time in the ongoing modernization of the grid is that we have the coincidence of a decade or more of digitalization of utility infrastructure, available artificial intelligence solutions across a range of use cases, and a pressing need to improve reliability and resilience," said David Groarke, Managing Director of Indigo Advisory Group. "Utilities have been working with Big Data and analytics for years now, and many are building data science teams that can now access low-cost AI models to start developing powerful applications to support asset inspection and predictive maintenance, wildfire detection, smart EV charging, and better orchestration of customer resources like rooftop solar, batteries, and smart appliances."
Through multiple interviews with utilities across the United States, from investor-owned utilities to public power, this research uncovers how deployment strategies, existing applications, and targeted benefits are evolving.
Key findings from the interviews included:
- Utilities are currently focused on reliability and resilience when deploying AI today.
- A majority of utilities still lack a central, holistic AI strategy, yet there is an emerging group of innovator utilities who have begun that transformation.
- There are few pure-play AI startups in this market; instead, most utility solutions vendors are incorporating AI capabilities into their product lines to enhance features and functions.
- Grid and customer data availability remains a critical market barrier but progress is being made, often with the aid of AI as a data interpreter, to support better predictions and forecasts.
- Generative AI will find adoption in utility workforce solutions and customer engagement.
For vendors, the research reviews solutions from across the energy value chain — from generation and transmission and distribution to customer operations — as well as illustrating pathways for success for vendors bringing AI-powered solutions to the often-challenging utility space.
Matt Casey, Managing Director of Latitude Intelligence, commented, "Understanding the role and pace of adoption of AI in the utility sector required deep engagement with key leaders within the utility and vendor communities. Through over six months of analysis, we were able to uncover what is being evaluated, trialed and deployed today, and what barriers need to be unlocked to truly accelerate this market space. This process and partnership with Indigo Advisory gave us the visibility and insight to bring forward what will be the first in a series of reports on the role that AI and other grid edge technologies will have on the future of the power sector."
About Latitude Intelligence
Latitude Intelligence is the market analysis arm of Latitude Media, providing critical, timely, and in-depth analysis of the market landscape and outlook for new and emerging climate technologies. Tracking vendor landscapes, applications, use cases, deployment strategies, and challenges, Latitude Intelligence helps investors, utilities, large energy firms, and vendors navigate these emerging spaces and inform long-term strategic decisions.
About Indigo Advisory Group
Indigo Advisory Group works with utilities and energy companies to deliver market leading strategy, technology and innovation services. Our capabilities span the entire energy value chain and our approach is high value and outcome focused. Indigo Insights is our market perspectives and intelligence center, providing analysis and market research for utilities during a time of unprecedented transformation. Indigo Advisory Group are experienced utility experts and management consultants. Our consultants and partners have worked with utilities globally to understand and define new growth opportunities, business models and strategic technology deployments.
Media Contact Information
Jenna Herzog
Head of Marketing
Latitude Media
info@latitudemedia.com
SOURCE Latitude Media, Inc.
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