The power sector is facing numerous challenges such as stricter regulatory requirements, fluctuating fuel prices, unpredictable power demand, competition from microgeneration, and aging assets. Hence, it has become imperative for power producers to embrace digital strategies to manage both performance and reliability. Power plant digitization increases operational efficiency, boosts asset optimization, and reduces plant downtime, through automation. A combination of technologies, including pervasive sensing, big data analytics, artificial intelligence, and cloud computing, are being deployed by power companies, in what is termed as Utility 4.0.
The rising tendency among asset-intensive companies like power plants to view operations and maintenance as a potential area of profitability improvement rather than just expenditure has been driving the adoption of these digital technologies.
The COVID-19 pandemic has further exposed the vulnerabilities of the power sector, given the need for additional measures, including social distancing and health checks. This is leading many industry players to explore remote working options where necessary as part of the shift toward a low touch operating environment. As we return to a new normal, market trends indicate a lower inclination toward investment in large capital expenditure projects like power plants, underscoring the importance of extending the life and performance of existing assets. Emerging Asian countries are particularly challenged by substantial aging power infrastructure. Thus, tools like plant asset performance management (APM) software have become critical to improve efficiency and extend the life of such assets.
In this webinar, Frost & Sullivan, an industry research and growth pipeline company, presented the concept of Power Plant 4.0, digitally agile, tremendously flexible and highly efficient power plants of the future, which will help the power plant owners in achieving triple bottom line - significant financial, social and environmental benefits.
Hear also from Chief Generation of Tata Power, Mr. Vijay Namjoshi as he shares a very strong use case for digital transformation in the Power sector. Being one of the few power generation companies that are ahead of the digitalization curve, they benefited from the built-in resilience, especially in these times of crisis. Deployment of Predictive Analytics and digital dashboards have provided Tata Power a distinct competitive advantage, acted as a force multiplier for their performance metrics, apart from providing several other tangible (e.g. R&M cost reduction, improved availability etc.) and intangible benefits such as reduced surprises, enhanced visibility etc.
Highlighted in the webinar is the critical need to enhance adoption through digital acceleration, in order to extract maximum benefit. AVEVA presented numerous real life implementation case studies with large customers such as Duke Energy, Southern Company, Total, ExxonMobil etc. where it had helped to reduce costs by nearly 30%, increase workforce efficiency by about 25% and reduce downtime by up to 95% and eventually save tens of millions of dollars, through implementation of its Asset Performance Management (APM) solutions.
Featured in the webinar also an interactive panelist discussion on: Adapting to the New Normal - Utilities Perspective
- Mr. Vijay Namjoshi, Chief Generation of Tata Power Co. Ltd.
Speakers and Panelists:
- Ashok Kumar Panda, Chief Engineering & Technology, Generation, The Tata Power Company Limited
- Varun Verma, APM Product Sales Leader, AVEVA
- Richard Wong, Head, ICT Practice, Frost & Sullivan
- Ravi Krishnaswamy, Senior Vice President, Energy Practice, Frost & Sullivan