It is becoming increasingly complex for power plant operators to decide which plants to use and when. On the one hand, this is because generation fluctuates at almost all grid levels. On the other hand, more electricity is in demand due to heat pumps and electric vehicles. Business models from the “old energy world” that promised reliable returns for a long time are no longer future-proof.
However, digitization and decentralization also offer new opportunities to manage plants (“assets”). Power plants and smaller decentralized plants can be managed more effectively and efficiently through digital and data-driven approaches, increasing profits. Operators can thus improve processes and develop new business models.
Companies need to properly assess their assets to strategically plan and make decisions – regardless of system-level or asset size. It also allows companies to create risk-based, predictive strategies for maintenance or make decisions about repowering – keeping old assets in operation.