In 2024 and beyond, generative AI and other large language models (LLMs)97 are expected to expand the industry’s capabilities to handle tasks such as complex data analysis, pattern recognition, forecasting, and optimization.98 This could help address some of the core issues they face around resource planning, grid management, and cost reduction. For example:
Grid management and optimization: Power distribution and transmission can be optimized by considering factors such as load balancing, congestion management, and asset utilization.99
Resource management and planning: Generative AI will likely excel in generating accurate electricity demand forecasts and enabling streamlined resource allocation.100 It could also help optimize solar panel and wind turbine designs by analyzing local factors such as weather patterns, solar radiation, and wind speed.
Operational efficiency and reliability: As generative AI advances, it will likely enable the industry to further automate tasks, predict and prevent equipment failures, and enhance network reliability, ensuring more seamless operations.101
3DP Price at posting:
4.2¢ Sentiment: Buy Disclosure: Held
