AI Business Model is Emerging Energy Market and Smart Grid
Aanal Sanjivbhai Raval, Agrima Lohia, Urvi Y. Bhatt · River Publishers eBooks · 2023
In recent years, AI has fascinated many different industries with its alluring solutions and problem-solving techniques. Among them, it is becoming more and more admirable in energy markets. Its stretching areas include assessing, investigating, and dominating the data of other users via the grid; its decentralization; tackling a large number of participants; maintaining its calculation balance by inspecting the flood of data; integrating electromobility; determining optimal times for the maintenance work of networks; minimization of cost and loss; lessening disturbances; forecasting by evaluating a vast variety of particulars like weather data or historical data; coordination of information about which virtual power plant consumes what amount of electricity and when; as well as handling the stable and green electricity grid. The primary tasks of these industries include blueprinting, installation, and maintenance to deliver a high-quality and secure energy supply. While executing these tasks, one of the greatest challenges faced is to withstand potential uncertainties, which in turn can affect forecasting, scheduling, operation control, and risk management. AI techniques can handle the whole ecosystem by providing proper planning, monitoring, maintenance, and support for a decision-making system. 170 This chapter provides a detailed analysis of different models that solve the above issues for better study.