The Next Big Things to Come: New Insights into the Power of Big Data and Big Data analytics
Wholesale electricity supply is also being driven by advances in data analytics and big data, said John McBride, senior research associate with the Woodrow Wilson International Center for Scholars at George Mason University.
The growing power of big data and analytics is driving a resurgence in the power of wholesale supply, he said.
One of the largest wholesale suppliers is the New York City Electric Authority (NYCEA), which owns more than 500,000 MW of capacity and operates more than 1.2 million customers in New York and New Jersey. “
So we see this shift as part of a broader trend of data and data analytics becoming a powerful tool to deliver power, which is going to help us deliver more services and better products to our customers.”
One of the largest wholesale suppliers is the New York City Electric Authority (NYCEA), which owns more than 500,000 MW of capacity and operates more than 1.2 million customers in New York and New Jersey.
The utility has used analytics to improve its efficiency and reduce customer service costs, McBride said.
New York has also started experimenting with using big data analytics in its electricity market.
“It’s one of the biggest opportunities in energy today because the New Yorkers have had an abundance of renewables for decades, but their wholesale power was not being optimally used,” McBride told Next Big.
The utility has experimented with using data analytics to monitor its electricity supply, including to manage demand and generation. “
That’s changed dramatically with a new technology that they’re trying to leverage to improve the efficiency and the reliability of their wholesale supply.”
The utility has experimented with using data analytics to monitor its electricity supply, including to manage demand and generation.
For example, the utility is looking to monitor demand and energy use, McBride said. “
These big data initiatives can also help them monitor their grid and make better business decisions.”
For example, the utility is looking to monitor demand and energy use, McBride said.
It has a goal to be able to reduce energy demand by 5 percent by 2020, which could mean more efficient generation of power and better pricing for customers.
The New York Power Authority is also experimenting with analytics to manage its power supply.
The data could be used to adjust the prices, McBeers said. “
For example, they’ve been tracking the amount and types of customer requests they get on the electricity delivery system,” McBrides said.
The data could be used to adjust the prices, McBeers said.
For example if the power is less than the expected amount, the agency can adjust the rate to increase the amount delivered.
“With these analytics tools, we can measure the efficiency of the energy supply in a way that makes it more competitive with other generators,” McBeer said.
The New York State Department of Financial Services (NYSDFS) also is experimenting with big data to better manage its electricity grid.
New York’s big data revolution will be a boon for other utility companies, too. “
They’re using big-data analytics to assess the efficiency, which will allow them to improve their pricing and customer service,” McBeyer said, adding that they plan to deploy data analytics tools to other New York power providers.
New York’s big data revolution will be a boon for other utility companies, too.
“If you’re an energy provider in New Jersey, there’s a whole other market that’s going to take off,” McBee said.
That market is the wholesale electricity market, McBey said.
This new market is growing rapidly because it’s in demand by a number of companies.
“A lot of people are starting to understand that you can have an electricity market and be a utility in a very similar way to what we’re doing now,” McBrayer said of the state’s new market.
McBey’s research also focused on the state of electricity market in New Hampshire, which has an aging and under-utilized power grid.
The state also had a huge energy boom in the 1980s and 1990s, but the market has fallen behind and is now in desperate need of major upgrades.
McBey also said the rise of analytics in energy markets has led to a new era of innovation in energy storage.
Energy storage has been around for decades and now, companies like Tesla and Panasonic are creating battery packs that can store electricity to be used as a backup to the grid.
It will take time for this technology to catch on in the United States, McBey said, but it is starting to make its mark in other countries.
And that’s just one of a handful of big-picture impacts from the rise in big data.
“What is really happening is that the information is being collected and the data is being stored,” McBreed said.
As we’re learning more about the impact of big analytics, McBRays data analytics research is making it easier for energy companies to take advantage of this new technology and to become more efficient, McBrees said.