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As we adapt to new norms of “shelter-in-place” and “social distancing” invoked by COVID-19, we are undoubtedly accelerating as a digital society. Finding new ways to interact with each other virtually means activities like work, school, events and local gatherings are shifting from the physical to digital world. As we do so, we are also increasing our demand for energy, a fundamental resource powering our daily lives.

Rapid growth in the global digital economy, as well as varying temperatures and weather conditions are only increasing the demand. According to the International Energy Agency (IEA), global energy consumption grew by 2.3% in 2018, the fastest pace in a decade (nearly twice the average rate of growth since 2010).[i] While traditional energy sources still supply most of the demand today, renewables are growing the fastest and expected to be the primary energy source by 2050 as shown in the chart below.

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In addition to variable and rapidly changing market conditions, energy producers and utilities face a number of other challenges including fluctuating supply and demand, shifting environmental and regulatory policies and growing cybersecurity risks. Moreover, pressure is mounting to shift from traditional to low-carbon energy sources but moving to renewable energy is a complex process. To address these concerns, energy firms need end-to-end visibility and real-time insights to tap into new production techniques and energy alternatives, achieve greater efficiencies and minimize risks.

2020-05-18 21:04:16, views: 1278, Comments: 0