The big traditional companies that dominate the European energy market are not quick to adapt to change. 16, No 1 (40), pp.21-33. All energy sector stakeholders have a role to play in enhancing the digital resilience of an increasingly connected energy system. Energy 4.0: Digital Transformation In Energy & Utilities Industry. VIDIZMO, while leveraging AWS technologies, provides digital transformation solutions that are needed by the energy sector to innovate and be better prepared for the future. In the meantime, new regulations, a shift towards green energy, decentralized energy and stronger digitalised competitors, such as China, are creating challenges for the European players. 25 September 2020. For example, the digital transformation of utilities can improve the efficiency of power generation and the transmission and distribution of electricity, all while providing consumers with more capabilities and choices around their energy use. We are all familiar with what happens to a product as it digitizes: it becomes more accessible and it moves faster. The utilities sector in Canada and around the world is experiencing a profound transformation unlike anything seen before in terms of scale, scope and speed. In order to adapt to ever-changing regulatory, political, cost and consumer demand environments, the energy sector needs cloud computing. Share. © 2011-2020 IRENA - International Renewable Energy Agency. With solutions and processes producing and using vast volumes of data, questions remain around which data will be critical and prioritised, who should own it, and how best to balance the risks and opportunities of data-driven solutions. Digital transformation has been an essential part of most businesses, with 70% of businesses in 2019 working on some kind of strategy. ... Elizabeth Sherwood-Randall is a nuclear security expert and Rhodes scholar who sources say could play a leading energy … The energy sector is arguably one of the fastest changing industries in the UK. … Digital Transformation is the Way Forward The recent global oil crisis occurred at the same time as countries went into lockdown due to … We draw on in‐depths expert interviews with representatives from government agencies, private firms, academic institutions, and multilateral institutions in Vietnam. ADNOC CTO calls for digital transformation in energy sector. Power Sector Transformation. Frank Fannon, assistant secretary, Bureau of Energy Resources, US Department of State, gave a keynote speech during ADIPEC Virtual 2020 on diplomacy and transformations in the geopolitics of energy sector Countries are increasingly choosing to have greater diversity of supplies and in so doing, they assert their own agency for decades. ENERGY TRANSITIONS 100% clean power? Energy & Natural Resources Business Transformation Power & Energy sector business transfomations. 4 takeaways on clean energy, climate deal E&E Daily: Tuesday, December 15, 2020 2. 12/15/2020 -- Read this story and 11 more on the latest energy and environment news in today's edition Find investors/fund a project (Marketplace), Power system flexibility for the energy transition, Long-Term Energy Scenarios (LTES) Network. The energy sector is arguably one of the fastest changing industries in the UK. Through this partnership and the funding of the KPMG Energy Chair, their researchers are looking into the main drivers for digital transformation in the energy sectors, and what that will mean for companies in terms of changing roles, increased connection with other business functions, future opportunities, and an overall changing landscape for these businesses. These trends are impacting the energy sector. However, the sector is reaching a tipping point. By using data-driven approaches and IoT-powered applications, the energy sector has leaped ahead in terms of real-time monitoring, measuring the energy consumption patterns, … The quickest firms to adopt technology to offer flexibility, transparency and simplicity to their customers will be the contenders best equipped to lead the current pack. Log in. | Virtual Event. Enable new revenue streams The very energy technologies that are disrupting the industry also offer the opportunity for new business models and revenue streams. But while other sectors have been pushing hard to enhance their digital capabilities, the energy and utilities sector has typically been slower to adapt. Smart Transformation in the Energy Sector. According to IRENA’s latest Global Renewables Outlook 2020, around 65% of total final energy use will be satisfied by renewables in 2050, which will also account for approximately 86% of electricity generation. Master the pivot from sprint to scale 13 4. The transformation of energy will be driven forward by several key factors: the continued impact of digitalization, subsequent improvements in asset … The transformation of the energy sector. Digital transformation is making life easier for consumers in many markets, including the utility sector. The transformation of the energy sector can happen without the oil and gas industry, but it would be more difficult and more expensive. Digital transformation in the energy sector. SHARE. Transformation of the energy sector in the cloud. But while other sectors have been pushing hard to enhance their digital capabilities, the energy and utilities sector has typically been slower to adapt. In the context of climate change, environmental degradation, rising inequality, social injustice and energy access; the current status quo of our energy system must change. All of this accelerates decarbonization because less fuel is needed to produce the same amount of power. The digital transformation in the renewables sector allows to automate different work processes, such as the control of photovoltaic and wind farms remotely. Sector-specific strategies 8 The four building blocks of an EU&R transformation 9 1. The second edition of Energy Policy Group’s Energy Summer School will be held between 25th of July – 2nd of August 2019 in Bucharest, with a focus on “Smart Transformation in the Energy Sector”. Take mail, which, starting in the 1980s, was transformed into email. The Internet of Things in the energy sector is providing immense applications and benefits. Why Energy in Data? It provides the foundation for energy companies to be faster in responding to new demands, enabling rapid prototyping, agile development, continuous integration and delivery; and supports IoT, data analytics and machine learning. In order to adapt to ever-changing regulatory, political, cost and consumer demand environments, the energy sector needs cloud computing. Embracing a cloud transformation does not only mean deciding upon a platform and migrating workloads to the cloud, success demands changes across technology, people and processes from the outset. International climate targets, new generation technologies, and changing consumer behaviours have driven a transformation we haven’t seen since the industrial revolution. Emerging technologies and a growing awareness of fuel constraints are transforming not just the energy […] Design for trust 12 3. Global energy poised for a once-in-a-century transformation Uncertainties abound in industry used to perpetual growth as peak oil looms Crude is languishing near $40 a … Power Sector Transformation. Transformation in the Energy Sector. In the IEA Central Scenario, final energy consumption for transport grows by almost half to 165 exajoules in 2060, with most of the demand coming from road freight vehicles (36%) and passenger light-duty vehicles (28%). IRENA’s work on power sector transformation covers the following areas: Green hydrogen can help to cut emissions in energy-intensive, hard-to decarbonise sectors ... As El Salvador continues developing, renewables can stimulate local commerce and industry,... Renewable energy targets can reinforce Nationally Determined Contributions (NDCs... Offshore renewable energy – including offshore wind and solar power, as well as emer... Making Green Hydrogen a Cost-Competitive Climate Solution, 17 December 2020 | Oil and gas companies need to clarify the implications of energy transitions for their operations and business models, and to explain the contributions that they can make to accelerate the pace of change. This article addresses the opportunities, barriers, and trade‐offs for green transformations in Vietnam's energy sector and examines this from an energy justice perspective. Articles, IRENA Offers El Salvador a Strategic Action Plan To Drive Energy Transformation, 16 December 2020 | A comprehensive energy transformation can create a better energy system – one capable of ensuring that average global temperatures at the end of the century are no more than 1.5°C above pre-industrial levels. They will also be the first in line to take on possible big hitting new rivals from the digital technology sector. Recent studies show that power and utilities companies are taking more interest each year in digital transformation. Digital transformation is a driver of change that we see every day in the world around us, and the energy industry is no exception.. Technology today gives access to data that’s never been seen before, b ut the energy sector has been unlocking the value in dat a for longer than many perhaps think. One of the slower runners in the digital transformation race is the energy and utilities industry. The use of digital tools will allow to increase the productivity of employees, making maintenance much more efficient. In partnership with the Central Africa Power Pool (CAPP), IRENA will deliver a regional training on... * The designations employed and the presentation of materials herein do not imply the expression of any opinion whatsoever on the part of the International Renewable Energy Agency concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. A joint Webinar organized by FGV Energia and IRENA on the 17 October 2020 at 2pm (Brazilian time),... IRENA Regional Model Analysis & Planning Support Programme: Central Africa. – Wojciech Wrochna, Partner, and Head of Energy … Energy Sector Transformation in South Africa ii Preface This study deals with sustainable energy sector transformation in South Africa. Impact of digital transformation on the UK energy market: industry reaction. HOW DOES DIGITAL TRANSFORMATION AFFECT THE RENEWABLES SECTOR ? In oil and gas (O&G), profitability is threatened by decarbonisation over the long term and lower oil prices in the short term. RELATED ARTICLES. Create a strategic identity 10 2. Alan Nelson joins other energy IT leaders in AVEVA discussion on digital transformation. But to make this happen, the pace and depth of investments in renewables must be accelerated without delay, the report urges. In the meantime, new regulations, a shift towards green energy, decentralized energy and stronger digitalised competitors, such as China, are creating challenges for the European players. IRENA’s work on Power Sector Transformation is targeted at assistsing Member Countries in identifying solutions to accelerate the transformation of the power system to one dominated by renewable energy, while at the same time electrifying end-use sectors to achieve deep decarbonisation. It comprises radically different sub-sectors, with coal mining in decline at one end of the spectrum, and renewable technologies experiencing rapid growth at the other end. Previous studies had shown that whilst most energy companies … Energy Sector Transformation Driving Advancements in Cleaner Energy. Digital Transformation In Energy Industry; What’s in Store for the Digital Transformation of the Energy Sector? Frank Fannon, assistant secretary, Bureau of Energy Resources, US Department of State, gave a keynote speech during ADIPEC Virtual 2020 on diplomacy and transformations in the geopolitics of energy sector Countries are increasingly choosing to have greater diversity of supplies and in so doing, they assert their own agency for decades. The digitalization of energy is no exception. This study deals with sustainable energy sector transformation in South Africa. They aim to further accelerate the deployment of renewable energy in the power sector, applying this knowledge alongside Member Countries at the national and regional levels. Site Map   CORPORATE SOCIAL RESPONSIBILITY IN ENERGY SECTOR 1Jelena Stjepcevic Maritime Faculty in Kotor University of Montenegro Dobrota 36 85330, Kotor Montenegro E-mail: Jelena.stjepcevic@opstinakotor.com One of the slower runners in the digital transformation race is the energy and utilities industry. A joint society data conference, Energy in Data is exclusively designed for participants in the digital transformation of the energy sector. Digital transformation projects have the power to fundamentally alter how the energy sector operates and they need a security strategy to match – … The developers of a new initiative aimed at speeding up the level of innovation in the energy sector are also hopeful it will alter attitudes towards digitalisation. The digital transformation in the renewables sector allows to automate different work processes, such as the control of photovoltaic and wind farms remotely. Energy Transformation refers to the transition from oil, coal and natural gas for electricity generation to renewable energy and distributed generation (RE DG). It comprises radically different sub-sectors, with coal mining in decline at one end of the spectrum, and renewable technologies experiencing rapid growth at the other end. Dec 10, 2018. |Virtual Event. The essential news for energy & environment professionals, © 1996-2020 Environment & Energy Publishing, LLC   This year’s pandemic has affected global economies and shifted oil markets for the near future, reinforcing how international collaboration is key to ensure the resilience and stability of energy markets. 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