The power industry must overcome significant challenges in its journey to digitize, but successful transformations could result in the next S-curve of performance.
Like many other industries, power generation is becoming increasingly digitized. Yet many players are only now taking steps to create value from tech-enabled initiatives and establish new ways of working. In fact, there are no global end-to-end cases of digitization in power generation; even the most technologically advanced players have implemented only a small number of isolated digitization use cases, which are often not directly tied to business value. Simply put, power companies are not nearly as advanced as they could be, so operations and maintenance costs are higher than they could be. Further complicating matters, cost pressure for thermal assets—namely, coal and gas—continues to rise because of ongoing power-market liberalization and large-scale deployment of various renewable energy sources, such as solar and wind […]