Another key pain point is the high purchase cost of power and operational inefficiencies attributable to sub optimal asset utilisation and maintenance. While advanced analytics can help in better load forecasts and optimisation of the despatch schedule, thereby reducing power procurement costs, Enterprise Asset Management (EAM) enables the asset intensive utilities to optimize the operating conditions of the asset over its entire lifecycle. Empowered by machine learning algorithms, optimal usage of Asset Performance Management (APM) coupled with EAM can help the utilities not only detect and predict failures but also prescribe actions that can be taken to avoid failures. Real time asset monitoring can be made more efficient with the aid of technologies like drones or Unmanned Aerial Vehicles that can help lower the operational and management costs.
Emerging technologies such as Blockchain and Virtual Reality/Augmented Reality/Mixed Reality (VR/AR/MR) have also started gaining traction due to the significant benefits that they offer to the sector. Early adopters are moving towards Blockchain enabled smart contract management that can help in transparent and efficient energy accounting at all levels and facilitate peer-to-peer trading between prosumers of electricity. Virtual site visits, field staff training, remote assistance to field workforce, and maintenance can be made operationally efficient and cost effective by leveraging VR/AR/MR where the assets, especially when it comes to generating stations, are geographically spread. Adoption of these technologies backed by advanced analytics can significantly improve operational efficiency and manpower productivity. Virtual Power Plants are virtual replicas created on cloud, with the support of IoT devices installed on the asset and AR/VR/MR technology, that can help in streamlining remote operations. All these initiatives together pave the way for a fourth industrial revolution in the sector. The COVID-19 pandemic has further reiterated the importance of a virtually connected world and has given an impetus to such digital interventions.
The IT & OT devices and applications that shall be installed as part of the power sector transformation shall bring forth unprecedented volumes of consumer and network sensitive data to be handled by the utilities, which puts them at greater risks. Cyber-attacks amid the Covid-19 pandemic rose by almost 300% last year in the country to reach 1,158,208 compared to 394,499 in 2019, the Union home ministry told Parliament on Tuesday, citing the data from Computer Emergency Response Team (CERT-In).
(Milind Solanki, Manager, EY India has also contributed to this article.)